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A parade of luxury cars, designer handbags, and yachts put up for auction has done little to help their former owner—a disgraced Vietnamese tycoon—repay the billions of dollars she owes victims in one of the largest fraud cases in global history, CNN reports.

Truong My Lan, once one of Vietnam’s richest businesswomen, received two life sentences for her central role in the criminal scheme. Alongside her accomplices, she siphoned roughly $44 billion through one of the country’s largest banks.

Initially, she was sentenced to death in 2024 on one of the charges—embezzling $12 billion—unless she repaid three-quarters of that specific amount. At the time, the severity of the ruling reflected not only the staggering scale of the fraud but also a concerted effort by authorities to restore investor trust.

Last year, Vietnam removed the death penalty for eight offenses, including embezzlement on an exceptionally large scale. Following this, Lan’s death sentence was commuted to life imprisonment. However, she remains an incredibly long way from paying back the $27 billion she is mandated to return to the victims of her crimes.

Birkin Bags Instead of a Family Legacy

In May, two Hermes handbags belonging to Lan were sold via an online auction, fetching nearly $539,000. The sale went ahead despite a personal plea from the convict: Truong had requested that the Birkin bags—one of which she purchased in Italy and the other gifted to her by a Malaysian tycoon—be returned to her so she could pass them down to her children and grandchildren as family keepsakes.

Three of the ex-billionaire's luxury vehicles also went under the hammer last month. The starting bid for a white four-seat Maybach was set at around $265,000, a blue five-seat BMW at $36,700, and a black five-seat Lexus at $29,000. Ultimately, the Maybach sold for a significantly higher price than its initial valuation, bringing in roughly $630,000.

Where Is the Money Going?

According to attorney Nguyen Thi Huyen Trang, who previously represented Lan, the proceeds from the sales will primarily go toward judgment enforcement expenses, auction administration costs, as well as court and legal fees.

To date, Lan has paid back only about $455,000. The Ho Chi Minh City Judgment Enforcement Agency is still actively processing assets tied to the convict to secure damage compensation, Nguyen told CNN.

Earlier this year, Ho Chi Minh City authorities attempted to auction off Lan’s yacht, named The Reverie Saigon, for approximately $2 million. After several failed attempts, they were forced to slash the starting bid by 18%. Two other vessels owned by Lan, valued at around $175,000 each, have also failed to find buyers. According to local media outlet VnExpress, seized assets in Vietnam are traditionally notoriously difficult to liquidate. Some items have been put up for sale more than 10 times without a single buyer emerging.

Scale of a Criminal Empire

The 69-year-old Truong My Lan built a sprawling real estate empire consisting of luxury homes and commercial properties before being accused of one of the largest financial frauds in history. Investigators state she siphoned $44 billion in loans and cash using a web of shell companies and accomplices, while bribing regulators and officials to cover her tracks.

Aside from the case involving the embezzlement of $12 billion, Lan was handed a second life sentence in another trial for obtaining property by fraud, money laundering, and illegal cross-border currency transfers.

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