FLASH NEWS
Vietnam's biggest banking scandal! Billionaire sells handbags and luxury cars from prison to pay off hefty fine
2026-06-19 16:26:56 / BOTA
Vietnamese businesswoman Truong My Lan is seeing her assets go up for auction as authorities continue efforts to recover billions of dollars lost in what is considered one of the biggest financial scandals in Vietnam's history.
Lan, who is serving two life sentences for her role in the Saigon Commercial Bank scandal, was found guilty of involvement in a massive money laundering and financial fraud scheme that caused losses of tens of billions of dollars. Although she avoided the death penalty after legal changes passed in 2025, she remains burdened with financial liabilities exceeding $27 billion.
As part of the victims' compensation process, a significant portion of her assets are being sold at public auctions. Among the assets put up for sale are rare luxury handbags, expensive vehicles, and high-value real estate.
Recently, two bags from the prestigious Hermès brand were sold for around $539,000. According to reports, Lan had requested that these items be preserved as family heirlooms for her children and grandchildren, but they were caught up in the asset seizure and sale process.
Vietnamese authorities continue to identify and liquidate its assets in an effort to recover as many funds as possible for the thousands of victims affected by the financial scandal that rocked the country.
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