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Truong My Lan was found guilty of stealing $12.3 billion from Saigon Commercial Bank, marking the country’s most significant financial fraud case.

Vietnam sold two Hermes bags that belonged to a real estate magnate.Truong My Lan, found guilty in the country’s biggest fraud case, was fined 14.21 billion dong (US$539,000) as initiatives to recover billions of dollars obtained illegally intensify.

The authorities are examining properties owned by Lan and her related entities to recover billions in losses following court rulings that required her to pay back $27 billion in damages.

Lan has already returned over 12 trillion dong to approximately 42,000 bondholders, with additional payments expected, as stated in a government website post referencing the Ho Chi Minh City Civil Judgment Enforcement Agency. Lan still owes bondholders roughly 18 trillion dong.

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Two Hermes bags belonging to Lan were auctioned online on Thursday, according to Tuoi Tre newspaper.

The first one, a white size 30 handbag without any gemstones, received four bids and was sold for approximately 2.54 billion dong, as reported. The second one, a size 25 Hermes bag adorned with gemstones, garnered 119 bids before being sold for 11.67 billion dong, starting from an initial price of 1.77 billion dong, according to the newspaper.

Three high-end vehicles owned by Lan — a Mercedes-Maybach, a BMW, and a Toyota Motor Lexus — are scheduled to be sold at auction on Friday, as reported.

Lan, 69, once amongVietnamOne of the country’s leading property developers was given the death penalty in April 2024, following a conviction for stealing $12.3 billion from Saigon Commercial Bank, marking the largest fraud case in the nation’s history.

Vietnam eventually removed the death penalty for specific economic offenses, such as those involving Lan. She was also found guilty of money laundering and additional charges in a subsequent trial.

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This piece was first published in the South China Morning Post (www.scmp.com), a top news outlet covering China and Asia.

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