$14.5M in properties linked to death-row tycoon Truong My Lan fail to sell at auction
There was no bidder in an auction of four properties worth a total of VND375 billion (US$14.5 million), all linked to Truong My Lan, the property tycoon who is in death row for embezzlement.
A high-profile death-row tycoon in Vietnam has seen his properties fail to sell at auction, with a total value of $14.5 million, according to local authorities. The auction, held in HCMC, included a villa, two houses and an apartment, none of which drew any interested buyers. The most expensive property, the villa, had a starting price of over VND202.5 billion, but the auction was deemed a failure due to the lack of interest.
The Reverie Saigon yacht, a significant asset, will be auctioned for the seventh time on October 28 at a reduced price of VND29.2 billion, a 44% decrease from its original starting price. Two passenger vessels belonging to the tycoon are also up for sale, with their starting prices having fallen by more than 45% each to around VND2.3 billion.
Truong My Lan, the tycoon, was found guilty in 2024 of embezzlement charges against Saigon Commercial Bank, resulting in a loss of VND677 trillion ($27 billion) over a decade. She received a death sentence, which was upheld by an appeals court last year. Following an investigation into her company, Van Thinh Phat, over 1,200 properties and numerous assets directly linked to her were seized.
Despite successive auctions with reduced starting prices, several other assets linked to Truong My Lan have also failed to sell. The tycoon has unsuccessfully attempted to reclaim several assets, including the yacht and two Hermes brand bags, during her trial.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
