Vietnam Auctions Convicted Tycoon’s Luxury Car and Hermès Handbags for Over $1 Million
Vietnamese authorities auctioned a Maybach sedan and two Hermès handbags owned by convicted property developer Truong My Lan, raising over $1 million as part of asset recovery from her $12.54 billion fraud. Lan, head of Van Thinh Phat, was sentenced to death in 2024, later commuted to life. The auction, part of Vietnam’s “blazing furnace” anti-corruption campaign, included 1,200 seized assets. Lan has paid $455 million to bondholders so far.
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Vietnam Auctions Convicted Tycoon’s Luxury Car, Hermès Handbags For Over $1M
Vietnamese authorities auctioned a luxury Maybach car and two rare Hermès handbags once owned by convicted property developer Truong My Lan, raising over $1 million as part of asset recovery efforts linked to Vietnam's largest corruption scandal. Lan, who headed Van Thinh Phat, was sentenced to death in 2024 for embezzling $12.54 billion from Saigon Commercial Bank, later commuted to life imprisonment. The Maybach, despite missing wheels and interior parts, sold for $640,000 after 56 bids. One Hermès handbag with diamond-encrusted lock fetched $456,000 after 119 bids. Lan had requested the handbags be returned as 'mementos,' but an appeal court ruled they were proceeds of crime. The auction is part of a broader effort to recover assets from the scandal, which involved 85 defendants and is a landmark in Vietnam's anti-corruption campaign. Lan has so far paid $455 million to bondholders.
The DiplomatVietnam Auctions Convicted Tycoon's Luxury Car and Hermès Handbags for Over $1 Million
Vietnamese authorities auctioned a luxury Maybach car and two white Hermès handbags once owned by convicted property developer Truong My Lan, raising over $1 million to recover funds from her multibillion-dollar fraud. Lan, who headed Van Thinh Phat, was sentenced to death in 2024 for embezzling $12.54 billion from Saigon Commercial Bank, later commuted to life in prison. The Maybach, missing wheels and interior parts, sold for $640,000 after 56 bids. One Hermès handbag with diamond trim fetched $456,000 after 119 bids. Lan had requested the bags be returned as mementos, but an appeals court ruled they were derived from criminal proceeds. The auction is part of Vietnam's 'blazing furnace' anti-corruption campaign, one of the largest in the country's history, involving 85 defendants and 2,400 witnesses.
The DiplomatVietnam Auctions Convicted Tycoon’s Luxury Car, Hermès Handbags For Over $1M
Vietnamese authorities auctioned a luxury Maybach car and two white Hermès handbags once owned by convicted property developer Truong My Lan, raising over $1 million as part of asset recovery efforts linked to her multibillion-dollar fraud. Lan, who headed Van Thinh Phat, was sentenced to death in 2024 for embezzling $12.54 billion from Saigon Commercial Bank, later commuted to life in prison. The Maybach, missing wheels and interior parts, sold for $640,000 after 56 bids, while a diamond-encrusted Hermès handbag fetched $456,000 after 119 bids. Two other vehicles—a BMW and Lexus—received no bids. Lan had requested the handbags be returned as personal mementos, but an appeals court ruled they were derived from criminal proceeds. The auction is part of Vietnam's broader anti-corruption campaign, which has seized 1,200 assets from Lan, including real estate and a factory. Lan has paid over $455 million to bondholders so far.
The DiplomatVietnam Auctions Convicted Tycoon's Luxury Car and Hermès Handbags for Over $1 Million
Vietnamese authorities auctioned a luxury Maybach sedan and two white Hermès handbags once owned by convicted property developer Truong My Lan, raising over $1 million as part of asset recovery efforts linked to her $27 billion fraud. Lan, who headed Van Thinh Phat, was sentenced to death in 2024 for embezzling 304 trillion dong ($12.54 billion) from Saigon Commercial Bank, later commuted to life in prison. The Maybach, missing wheels and interior panels, sold for $640,000 after 56 bids. One Hermès handbag with diamond-encrusted lock and trim fetched $456,000 after 119 bids. Lan had requested the bags be returned as mementos, but an appeal court ruled they were derived from criminal proceeds. The auction included 1,200 seized assets, and Lan has paid $455 million to bondholders so far. The case is a landmark in Vietnam's anti-corruption campaign.
The DiplomatVietnam Auctions Convicted Tycoon's Luxury Car and Hermès Handbags for Over $1 Million
Vietnamese authorities auctioned a luxury Maybach car and two white Hermès handbags once owned by convicted property developer Truong My Lan, raising over $1 million to recover funds from her multibillion-dollar fraud. Lan, head of Van Thinh Phat, was sentenced to death in 2024 for embezzling $12.54 billion from Saigon Commercial Bank, later commuted to life in prison. The Maybach, missing wheels and interior parts, sold for $640,000 after 56 bids, while a diamond-encrusted Hermès handbag fetched $456,000 after 119 bids. Lan had requested the handbags be returned as 'mementos,' but an appeals court ruled they were derived from criminal proceeds. The auction is part of Vietnam's 'blazing furnace' anti-corruption campaign, which has seized 1,200 assets from Lan, including real estate and a factory. Lan has paid $455 million to bondholders so far.
The Diplomat