There was no bidder at the second attempt to auction off yacht and two boats owned by convicted tycoon Truong My Lan, which had a reserve price of VND59 billion (US$2.3 million).
The Reverie Saigon yacht’s starting price was VND49 billion at the auction Feb. 9, according to HCMC authorities.
The Reverie Saigon yacht. Photo courtesy of Times Square Vietnam |
This was 6% less than the reserve price set during the first auction on Jan. 5, which too failed to attract a single bidder.
The yacht was built in France in 2018 and is currently moored in Dong Nai Province.
The two Polish-built boats were offered at VND4.8 billion each, down 4%.
In 2024 Lan and her accomplices were found guilty of embezzling Saigon Commercial Bank and causing it a loss of VND677 trillion (US$27 billion) over the course of a decade.
She received a death sentence, which was upheld by an appeals court last year.
Following an investigation into Lan’s company, Van Thinh Phat, over 1,200 properties and many assets directly linked to her were seized.
At the trial, Lan tried unsuccessfully to get several assets returned to her family, including the yacht and two Hermes brand bags.
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