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Vietnam to sell tycoon’s yacht and Hermes bags to pay for fraud

Nguyen Xuan Quynh / Bloomberg
Nguyen Xuan Quynh / Bloomberg • 2 min read
Vietnam to sell tycoon’s yacht and Hermes bags to pay for fraud
Apart from imprisonment, Lan has to pay about US$27 billion in reparations, according to local media.
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(Jan 29): Vietnamese property tycoon Truong My Lan pleaded with the court to let her keep two Hermes Birkin Himalaya handbags made of crocodile skin from the Nile River after she was convicted of embezzling more than US$12 billion ($15.1 billion).

Though she expressed a willingness to part with prime real estate in Vietnam’s commercial hub Ho Chi Minh City to compensate for financial damages she caused, the purses were personal, Lan told judges during one of her trials, the Phap Luat Ho Chi Minh City news website reported. The court, however, ruled the handbags were the result of illicit gains.

The city’s Civil Judgment Enforcement Agency is looking to hire appraisers to assess their value as it begins selling off her luxury items. The handbags, favoured by celebrities such as Jennifer Lopez and Kim Kardashian, can sell for tens of thousands of dollars to hundreds of thousands of dollars.

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