Truong My Lan's luxury yachts fail fifth auction attempt

The fifth attempt to auction luxury maritime assets belonging to Truong My Lan, former chairwoman of Van Thinh Phat Group, has failed due to a lack of registered bidders. The Ho Chi Minh City Civil Judgment Enforcement Office reported that no participants signed up for the auction held on August 13.

The assets include the The Reverie Saigon yacht, manufactured in France in 2018, with a starting price of 35.2 billion VND. Additionally, two luxury vessels named Thalia and Electra, manufactured in Poland in 2017, were offered with starting prices of 3.4 billion VND each. These assets were seized to satisfy legal obligations following Truong My Lan's life sentence in the Van Thinh Phat case, where she is required to compensate victims for massive bond losses.

Under current regulations, the judgment debtor has 10 days to claim these assets to offset their debt. If not claimed, enforcement officers will decide on further price reductions for subsequent auction attempts. Other seized assets, including diamond jewelry valued at nearly 25 billion VND, are scheduled for auction on August 21.