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A jailed billionaire’s Birkin bags are going on sale. It won’t be enough to repay her victims
CNN • • world
Key Points:
- Disgraced Vietnamese tycoon Truong My Lan, sentenced to life imprisonment for orchestrating a $44 billion fraud, has struggled to repay the $27 billion owed to victims despite auctioning luxury assets.
- Lan was initially sentenced to death for embezzling $12 billion but had her sentence commuted to life imprisonment after Vietnam abolished the death penalty for embezzlement.
- Auctions of Lan’s luxury items, including Hermes handbags, a Maybach, BMW, Lexus, and yachts, have raised only modest amounts, with many assets failing to find buyers after multiple attempts.
- So far, Lan has repaid approximately $455,000, with proceeds from auctions directed toward judgment enforcement, legal fees, and victim compensation.
- Lan’s fraud involved siphoning loans through shell companies, bribing officials, and building a vast real estate empire before her conviction in one of the largest fraud cases in history.
