Add thelocalreport.in As A Trusted Source
Vietnamese Authorities are preparing to sell a collection of luxury assets seized from disgraced real estate tycoon Mei-Lan Chang as part of an ongoing effort to recover billions of dollars lost in one of the largest bank frauds in global history.
Two Hermès Birkin bags made of crocodile skin are currently under evaluation, as well as a luxury yacht and several other high-end items Ho Chi Minh CityCivil Judgment Enforcement Agency – An entity responsible for enforcing court judgments in civil disputes.
After a court ordered Lang to repay $27 billion in losses, officials said proceeds from any sales would be used to compensate victims of Lang’s crimes.
Lan, once one of Vietnam’s most powerful real estate developers, is currently serving a life sentence. She was originally sentenced to death in April 2024 after a judge found that she secretly controlled Saigon Commercial Bank, the country’s fifth-largest bank, and siphoned funds from the bank through an elaborate network of shell companies for more than a decade.
The sentence was later commuted to life in prison after Vietnam abolished the death penalty for certain economic crimes.
Prosecutors told the court that the total amount involved in the scheme reached $44 billion, of which $27 billion was misappropriated and $12 billion was officially classified as corruption. More than 80 people, including Lan’s husband and niece, were convicted alongside her.
So far, authorities have seized more than 1,200 assets related to Lan, including company stocks, real estate, jewelry, clothing and luxury cars. This week, law enforcement officials confirmed that the two Hermès bags were in state custody, along with a watch and other personal items.
During the trial, Lan tried to prevent the handbag from being confiscated. She told the court she bought one of the bags in Italy and the other was a gift from a Malaysian businessman, arguing they were her personal belongings she wanted to pass down to her family. She said she wanted to leave the bags to her children and grandchildren as “souvenirs.”
The court rejected the request, ruling that the bags were proceeds of crime and therefore should be seized. Hermès Birkin bags, especially rare crocodile leather versions, can fetch hundreds of thousands of dollars on the secondary market.
Some asset sales have already begun. Last October, one of Lan’s prime properties in Central Ho Chi Minh City The selling price exceeds 600 billion dong. Other auctions have been less successful: her yacht failed to attract buyers earlier this month and is now scheduled to be re-auctioned on February 12 with a lower starting price of 49.3 billion dong. Two other boats are also planned for sale.