Vietnamese authorities are moving forward with selling luxury assets of Mrs. Truong My Lan, a Vietnamese real estate magnate convicted of corruption, to compensate for massive amounts of money embezzled from the banking system. The assets planned for sale include two Hermes Birkin crocodile leather bags and a luxury yacht.
The Civil Enforcement Office of Ho Chi Minh City revealed that it is currently expediting the management of assets belonging to Mrs. Truong My Lan, former chairwoman of Van Thinh Phat Group, to raise over 27 billion U.S. dollars (about 847 billion baht) in compensation as ordered by the court. She was sentenced to life imprisonment for embezzlement and fraud involving Saigon Commercial Bank.
The latest highlighted assets are two Hermes Birkin crocodile leather bags, which officials are seeking experts to appraise in preparation for sale. During the trial, Truong My Lan pleaded with the court to allow her to keep the bags as "keepsakes" for her children, claiming one was purchased in Italy and the other was a gift from a Malaysian businessman. However, the court rejected the request, stating these assets were acquired illegally.
Besides the designer bags, the major asset—the luxury yacht "Reverie Saigon"—is set for re-auction on 12 February after a failed attempt earlier in the month due to lack of interest. This time, the starting price has been lowered to 49.3 billion dong (approximately 59.76 million baht). Interested bidders must deposit 20% of the starting price in advance. Additionally, two other boats will be auctioned with starting prices of 4.8 billion dong each.
Previously, in October, her central Ho Chi Minh City real estate was successfully auctioned as the first asset, closing the deal at over 600 billion dong (approximately 727 million baht).
Truong My Lan's case is considered one of the largest financial corruption cases worldwide. She was accused of secretly controlling Saigon Commercial Bank, the country's fifth-largest bank, and using nominees through numerous shell companies to borrow and embezzle over 44 billion U.S. dollars over more than a decade.
Prosecutors stated that 27 billion dollars were misused, and at least 12 billion dollars constitute embezzlement, marking one of the largest financial crimes globally. The court initially sentenced her to death in April 2024, but her sentence was commuted to life imprisonment in June 2024 after Vietnam abolished the death penalty for certain crimes. More than 1,200 assets have been seized, including real estate, company shares, clothing, and luxury watches.
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