Luxury Wealth Goes Under Hammer but Victims Still Left Waiting

(The Businesswomen. Photo Credit: Daily News)

Luxury items including Birkin bags belonging to a jailed Vietnamese billionaire are up for auction, but the proceeds do not cover the victims’ losses.

Only a small portion of the billions owing to victims are anticipated to be recovered from the auction of a collection of expensive vehicles, designer handbags, boats, and other high-end possessions owned by imprisoned Vietnamese businessman Truong My Lan.

Lan, who was once one of the richest businesswomen in Vietnam, was sentenced to two life terms for masterminding a major fraud operation in which she and her friends reportedly embezzled over $44 billion through one of the nation’s biggest banks, making it one of the worst financial scandals in history.