Vietnamese authorities have initiated unprecedented asset liquidation proceedings against convicted business magnate Truong My Lan, aiming to recover portions of the staggering $27 billion she embezzled in one of history’s largest financial fraud cases. The disgraced tycoon, now serving a life sentence after her death penalty was commuted, controlled Vietnam’s fifth-largest bank through an elaborate network of shell companies over a decade-long period.
Ho Chi Minh City’s Civil Judgment Enforcement Agency is currently preparing two crocodile skin Hermès Birkin bags for valuation and auction, alongside a luxury yacht scheduled for February sale with a starting bid of $1.9 million. These items represent just a fraction of the 1,200 assets seized from Lan’s extensive portfolio, which includes prime real estate, corporate holdings, and additional vessels.
The scale of Lan’s financial crimes reached monumental proportions, with prosecutors establishing that $12 billion was directly embezzled from Saigon Commercial Bank while she secretly directed its operations. Her April 2024 trial became a national spectacle amid Vietnam’s intensified anti-corruption campaign, resulting in convictions for over 80 associates including immediate family members.
Despite Lan’s emotional appeal to retain the Hermès bags as family heirlooms—claiming one was purchased in Italy and another gifted by a Malaysian business contact—the court maintained their status as illicit gains. These exclusive accessories typically command prices exceeding hundreds of thousands of dollars on the luxury market.
Previous auction attempts have seen mixed success: a central Ho Chi Minh City property sold for approximately $24 million last October, while her Reverie Saigon yacht failed to attract bidders at its initial $2.1 million listing. The vessel will be reauctioned February 12th with a reduced reserve price, requiring a 20% deposit from prospective buyers. Two additional boats will be offered at $192,000 each as authorities continue their meticulous asset recovery process.