Vietnam sells convicted mogul’s Hermes bags in recovery push
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Three luxury cars belonging to Truong My Lan – a Mercedes-Maybach, BMW and Lexus – are set to be auctioned on May 22.
PHOTO: MINISTRY OF PUBLIC SECURITY DSRV
HANOI - Vietnam auctioned off two Hermes handbags owned by real estate tycoon Truong My Lan, convicted in the nation’s largest fraud case, for 14.21 billion dong (S$689,600) as efforts to claw back billions of dollars in ill-gotten wealth accelerate.
The government is auditing assets owned by her and her associates to recoup billions in losses after courts ordered her to repay US$27 billion (S$34.5 billion) in damages.
She has so far repaid more than 12 trillion dong to about 42,000 bondholders with more payments to come, according to a post on the government’s website, citing Ho Chi Minh City’s Civil Judgment Enforcement Agency.
She still owes bondholders about 18 trillion dong.
Her two Hermes bags were sold in an online auction on May 21, Tuoi Tre newspaper reported.
The first, a white size 30 handbag with no gemstones, attracted four bids and went for about 2.54 billion dong, it said.
The other one, a size 25 Hermes decorated with gemstones, drew 119 bids before selling for 11.67 billion dong from its starting price of 1.77 billion dong.
Three luxury cars – a Mercedes-Maybach, BMW and Lexus – are set to be auctioned on May 22, according to the report.
The 69-year-old, once one of Vietnam’s most prominent property developers, was sentenced to death in April 2024 after she was found guilty of embezzling US$12.3 billion from Saigon Commercial Bank in the nation’s largest-ever fraud case.
Vietnam later abolished the death penalty for certain economic crimes, including hers.
She was also convicted over charges of money laundering and other crimes in a second trial. BLOOMBERG
