<\/p>\n
Vietnam auctioned off two Hermes handbags owned by real estate tycoon Truong My Lan, convicted in the nation\u2019s largest fraud case, for 14.21 billion dong ($539,000) as efforts to clawback billions of dollars in ill-gotten wealth accelerate.<\/p>\n
The government is auditing assets owned by Lan and her affiliates to recoup billions in losses after courts ordered her to repay $27 billion in damages.<\/p>\n
Lan has so far repaid a total of more than 12 trillion dong to about 42,000 bondholders with more payments to come, according a post on the government\u2019s website, citing Ho Chi Minh City\u2019s Civil Judgment Enforcement Agency. Lan still owes bondholders about 18 trillion dong.<\/p>\n
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Lan\u2019s two Hermes bags were sold in an online auction Thursday, Tuoi Tre newspaper reported.<\/p>\n
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, attracted 119 bids before selling for 11.67 billion dong from its starting price of 1.77 billion dong, according to the newspaper.<\/p>\n
Three luxury cars belonging to Lan \u2014 a Mercedes-Maybach, BMW, and Toyota Motor Lexus \u2014 are set to be auctioned today, according to the report.<\/p>\n
Lan, 69, once one of Vietnam\u2019s most prominent property developers, was sentenced to death in April 2024 after being found guilty of embezzling $12.3 billion from Saigon Commercial Bank in the nation\u2019s largest-ever fraud case. Vietnam later abolished the death penalty for certain economic crimes, including those of Lan.<\/p>\n
She was also convicted on charges of money laundering and other crimes in a second trial.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n
#Vietnam #sells #convicted #moguls #Hermes #bags #recovery #push<\/p>\n","protected":false},"excerpt":{"rendered":"
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