Vietnam jails 30 for corruption worth US$45 million
The communist nation's crackdown on corruption in recent years has seen two presidents and three deputy prime ministers deposed, and top business leaders taken down.
On Friday, state media said a Hanoi court announced verdicts for 30 former officials and 11 businesspeople charged with bribery, abuse of power and violating bidding and contracting laws.
Thirty of the 41 were convicted of corruption that prosecutors say caused damages worth more than 1.16 trillion dong (US$44.6 million) to the state, Public Security News said.
Chairman of the Phuc Son Group, Nguyen Van Hau. Photo: AFP
The bribes themselves totalled far less.
Prosecutors said that between 2010 and 2024, the chairman of the Phuc Son Group, Nguyen Van Hau, spent over US$5 million bribing officials to win contracts in over a dozen multibillion-dollar infrastructure projects in three provinces.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
25 minutes ago
- South China Morning Post
Philippine president fumes over flood corruption, ‘economic sabotage'
President Ferdinand Marcos Jnr has expressed anger over failed flood-control projects in the Philippines , as he warned of 'economic sabotage' charges against 'big' offenders to stem entrenched corruption in the infrastructure sector. 'I'm not disappointed, I'm angry,' Marcos told local media after inspecting a barren site in Bulacan where a 55 million-peso (US$964,000) river wall was supposed to have been built. 'They didn't work for even a single day. Even if you see it for yourself, you won't see anything,' said Marcos on the 'ghost' project that was declared completed by the relevant contractors. When asked about action against offenders, Marcos said falsification of such projects was already a 'very serious violation' and suggested that anyone found to be behind the largest anomalies uncovered in an ongoing audit probe could face harsher treatment. 'For the big ones, I'm thinking very hard about charging them with economic sabotage,' he said on Wednesday. Marcos noted that the government had already spent 545 billion pesos (US$9.5 billion) on flood management since 2022, yet last month's typhoons left Metro Manila and nearby provinces submerged after four days of torrential rain. The floods and investigations exposing the siphoning of public money from substandard or non-existent projects have fuelled anger among Filipinos and demands for accountability. Philippine President Ferdinand Marcos Jnr holds a press conference on flood control projects earlier this month. He called such projects 'moneymaking rackets'. Photo: EPA 'New pork barrel'
South China Morning Post
25 minutes ago
- South China Morning Post
China's rise in biotech to potentially lower healthcare costs, life science investor says
China's rise in biotech innovation offers the world a potentially cheaper alternative to costly healthcare products from Western suppliers, but geopolitical tensions remain a major challenge for the country's globalisation efforts, according to a local investor in the sector. 'We can lower the cost of healthcare and benefit more people through technological innovation and efficiency improvement,' Da Liu, managing director of CR-CP Life Science Fund, said in an interview with the Post earlier this week. 'China's recent achievements in biotech show that it's possible.' The CR-CP Life Science Fund was launched in 2019 by the state-run China Resources Group and Thai conglomerate Charoen Pokphand Group, with US$170 million under management. Companies the fund has backed include Legend Biotech, which went public in New York in 2020, and Singapore-based Mirxes, which listed its shares in Hong Kong in May this year. Innovative drugs coming out of China's biotech firms have become increasingly popular licensing targets among multinational corporations (MNCs) in recent years, leading to what some are calling a 'DeepSeek moment' for the local industry. Da Liu, managing director of CR-CP Life Science Fund. Photo: Handout Multinationals have turned their attention to Chinese biotech companies and assets because of their 'cost efficiencies, accelerated timelines and promising quality', US investment bank Jefferies said in a report last month.
The Standard
25 minutes ago
- The Standard
Mainland 'Pretend Work Companies' Offer Daily Workspace Rentals for 30 Yuan
Pop Mart to launch mini Labubu this week as it expects revenue to hit over 30 bln yuan this year
