Vietnam bank to sell mogul’s property, car to offset fraud loss
The proceeds from sales of the assets will go towards recovering the multibillion-dollar losses incurred
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[HANOI] The Vietnamese bank at the centre of the fraud case involving disgraced tycoon Truong My Lan is preparing to auction a portfolio of her assets, including real estate, clothing and handbags, as part of an ongoing effort to claw back billions of US dollars.
Saigon Commercial Bank (SCB) is seeking to appoint a bidding advisory firm to arrange for the sale of assets tied to Lan, according to a statement on the bank’s website.
It is operating under the guidance of the State Bank of Vietnam after being appointed by the courts to handle the disposal of her assets, the statement said.
The bank lists office space in Ho Chi Minh City and a factory, warehouses and land plot in the southern province of Tay Ninh, along with a car, two trucks and machinery.
More than 8,500 items of clothing, handbags and fashion accessories are included as well as 370,000 inventory goods from a luxury furniture company.
Lan, 69, who was once one of Vietnam’s most prominent property developers, was sentenced to death in April 2024 after being found guilty of embezzling US$12.3 billion from Saigon Commercial Bank in the nation’s largest-ever fraud case.
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She was also convicted on charges including money laundering in a second trial.
Vietnam later abolished the death penalty for certain economic crimes.
“The workload is substantial, complex and unprecedented,” SCB said in the statement, after it began reviewing, classifying and preparing the necessary legal procedures for the valuation and sale of the assets last year.
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The proceeds from sales of the assets will go towards recovering the multibillion-dollar losses incurred, after courts ordered her to repay US$27 billion in damages.
Ho Chi Minh City’s Civil Judgment Enforcement Agency said in January that it was looking to hire appraisers as it begins selling off her luxury items, including Hermes Birkin handbags and her Reverie Saigon yacht.
The agency has already returned 10 trillion dong (S$487 million) to bondholders, Tuoi Tre reported. BLOOMBERG
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