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Vietnamese Tycoon Convicted of $12 Billion Embezzlement

1/30/2026

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Summary

Story summary

Truong My Lan, a 69-year-old Vietnamese property tycoon, was convicted of embezzling over US$12 billion.
She faces decades in prison and about US$27 billion in reparations.
The court ruled two Hermes handbags were illicitly acquired.
The Civil Judgment Enforcement Agency will auction her luxury assets, including a yacht, starting February 12, and authorities have seized over 1,200 assets linked to the fraud.

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Story summary

Truong My Lan, a 69-year-old Vietnamese property tycoon, was convicted of embezzling over US$12 billion.
She faces decades in prison and about US$27 billion in reparations.
The court ruled two Hermes handbags were illicitly acquired.
The Civil Judgment Enforcement Agency will auction her luxury assets, including a yacht, starting February 12, and authorities have seized over 1,200 assets linked to the fraud.