Vietnam Auctions Truong My Lan's Hermes Bags for 14.21 Billion Dong to Recoup $27 Billion
Updated
Updated · South China Morning Post · May 22
Vietnam Auctions Truong My Lan's Hermes Bags for 14.21 Billion Dong to Recoup $27 Billion
2 articles · Updated · South China Morning Post · May 22
14.21 billion dong was raised from two Hermes bags seized from Truong My Lan, with the higher-end size 25 bag selling for 11.67 billion dong after 119 bids in an online auction Thursday.
The sale is part of Vietnam's effort to recover court-ordered damages after Lan was convicted of embezzling $12.3 billion from Saigon Commercial Bank in the country's biggest fraud case.
12 trillion dong has already been repaid to about 42,000 bondholders, according to Ho Chi Minh City's Civil Judgment Enforcement Agency, but Lan still owes them roughly 18 trillion dong.
Three more seized assets — a Mercedes-Maybach, BMW and Lexus — are scheduled for auction Friday as authorities continue auditing Lan's and her affiliates' holdings.
How does a $44 billion scandal affect a luxury handbag's value?
As a criminal's assets are auctioned, can fraud victims expect justice?