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Finance

Vietnam property tycoon heads to trial in $40bn graft case

Truong My Lan faces potential death sentence amid crackdown on corruption

Truong My Lan controlled 90% or more of Saigon Joint Stock Commercial Bank, despite Vietnamese regulations designed to prevent any individual from exerting undue influence over financial institutions. (Photo by Yuji Nitta)

PHNOM PENH -- A Vietnamese real-estate tycoon is set to go on trial Tuesday over allegations that she and others fraudulently took out $40 billon in loans from a commercial bank in a high-profile graft case that could see her executed if convicted.

The case against Truong My Lan, who chairs property developer Van Thinh Phat Holdings Group, comes as Vietnam ramps up efforts to battle endemic corruption in the country's business sector.

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