In a legal saga that has redefined financial crime in Southeast Asia, Vietnamese property mogul Truong My Lan recently made a desperate appeal that shifted the focus from billion-dollar assets to two iconic fashion accessories.
Found guilty in one of the largest fraud cases in history, which involves the embezzlement of over $12 billion, Lan has seen her vast empire dismantled. Yet, as the state moved to seize her mansions and her $50 million superyacht, the 69-year-old former chairwoman of the Van Thinh Phat Group drew a line at two specific items: her Hermès Himalaya Birkin handbags.
Truong My Lan involved in one of the biggest fraud cases in the world
According to a Luxury Launches report, Lan pleaded with the Ho Chi Minh City People’s Court to return the two “holy grails” of the luxury world. The handbags in question include a Birkin 25 in white Niloticus Crocodile adorned with diamond-encrusted hardware and a Birkin 30 in the same rare albino finish. Lan argued that these were not merely luxury goods, but vital family “heirlooms” intended for her children and grandchildren. She testified that she purchased one legally in Italy and received the other as a gift from a Malaysian businessman, asserting that they held profound emotional value that outweighed their significant market value.
The irony of the plea was not lost on the public. While Lan expressed a willingness to part with prime real estate in Ho Chi Minh City to satisfy a staggering $27 billion reparation order, she fought tooth and nail for objects whose secondary market value can reach up to $500,000 each. For Lan, the “Himalaya” bags—meticulously dyed to mimic the snow-capped peaks of the Himalayan mountains—represented a level of exclusivity that even a billion-dollar bank account cannot always guarantee.
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Court announces forced seizure of My Lan’s luxury items
The court, however, remained unmoved. On January 28 this year, the Ho Chi Minh City Civil Judgment Enforcement Agency completed the forced seizure of the bags along with other personal effects. This included luxury watches and branded apparel. The judges ruled that the handbags were ultimately purchased with the proceeds of her illicit activities and, therefore, must be liquidated to compensate the tens of thousands of victims of the Saigon Commercial Bank (SCB) fraud.
As per recent reports, authorities have begun the process of hiring specialized appraisers to value the rare crocodile skins before they are put up for public auction. This move coincides with the scheduled February 12 auction of her yacht, the Reverie Saigon, which has a starting price of roughly $1.9 million.
For Truong My Lan, who rose from a humble cosmetics seller to a property titan, the loss of these bags serves as a stark symbol of her total fall from grace. It is a reminder that in the eyes of the law, even the most coveted “keepsakes” lose their protection when they are linked to a multi-billion-dollar criminal legacy. As she begins her life sentence, her once-unlimited access to the world’s most exclusive luxuries has been replaced by the stark reality of state-enforced restitution.
