Yachts, villas, and supercars of Mr. Trinh Van Quyet being put up for sale
After being arrested and jailed with charges of “manipulation” and “concealment of securities information”, a series of assets related to former Chairman FLC Trinh Van Quyet are being auctioned by several banks to recover debts.
After 6 unsuccessful auctions, recently, the FLC Albatross yacht of Mr. Trinh Van Quyet (former Chairman of FLC) continues to be auctioned for the 7th time by BIDV Quy Nhon branch (through the auction company) at a significantly reduced price.
The latest starting price is VND 23,294 billion, a decrease of nearly VND 2.6 billion compared to the 6th auction and a decrease of VND 12.41 billion compared to the initial price announced in over 1 year ago, equivalent to a decrease of 35% compared to the original price.
FLC Albatross when it was still operational in the Quy Nhon sea area. (Photo: FLC Biscom). |
The yacht was brought to Vietnam by Mr. Quyet in 2018. This asset is being collateralized at BIDV Quy Nhon branch, used, and has been put up for auction to handle debt recovery.
In December 2023, a commercial bank also announced the auction of 84 villas in the FLC Ecotourism Urban Area in Sam Son City, Thanh Hoa, with a starting price of nearly VND 550 billion, lower than the initial bidding price of VND 610 billion in early September 2023.
Previously, 2 Rolls-Royce supercars related to the wealthiest tycoon in the Vietnamese stock market were also auctioned by banks multiple times.
Among them, the gold-plated Rolls-Royce Ghost is the collateral for loans of FLC Construction Joint Stock Company at BIDV Quy Nhon branch. This supercar had a starting price of VND 10 billion. In April 2023, the car was sold to a car enthusiast in Dong Nai at the 6th auction, but the price was not disclosed.
The Rolls-Royce Phantom is collateral for loans of FLC Land Company at Ocean Commercial Joint Stock Bank (OCB). This car was once auctioned by OCB for VND 28 billion.
After several unsuccessful auctions, at the 7th sale in May 2023, the car was reduced to VND 16.6 billion, a decrease of VND 11.4 billion compared to the first auction and was bought back by a car showroom in Dong Nai.
Many debts related to Tan Hoang Minh are being auctioned off
Many assets related to former chairman of Tan Hoang Minh Group, Do Anh Dung, have also been auctioned off by banks in the past year.
Since the beginning of 2023, Agribank Trang An has been auctioning off a series of assets and debts related to Tan Hoang Minh Group and its subsidiary companies in the ecosystem.
Among them, many loans have collateral in the form of rights arising from long-term lease contracts and non-cancellation of office buildings and the headquarters of the National Political Publishing House – Su That at 24 Quang Trung, Tran Hung Dao Ward, Hoan Kiem District, Hanoi (also the headquarters of Tan Hoang Minh).
 24 Quang Trung Building, Hoan Kiem District, Hanoi. |
Agribank Trang An has just announced the auction of a debt of VND 84.757 billion until December 31, 2023, owed by customers at this branch. The collateral for the above-mentioned debt is rights arising from a long-term lease contract and non-cancellation of office buildings and the headquarters of the National Political Publishing House – Su That.
The bank does not disclose the identity of the customers. However, Tan Hoang Minh previously used the lease contract of the headquarters at 24 Quang Trung as collateral for loans of many legal entities belonging to the group.
In September 2023, Agribank Trang An announced the selection of an organization to auction the debt of 4 enterprises related to the “golden land” where the headquarters of Tan Hoang Minh is located. All 4 companies are related to or subsidiaries of Tan Hoang Minh. The total debt being auctioned by the bank is over VND 307 billion.
In the past year, Agribank has also auctioned off debts of hundreds of billions of VND secured by the “billion-dollar” Thien Bao Phu Quoc tourist area and the Hoang Hai Phu Quoc complex developed by Tan Hoang Minh.
Initial statistics show that Tan Hoang Minh has outstanding debts of approximately VND 1,000 billion at Agribank. These debts have been announced for auction by the bank multiple times but have not found buyers yet.
Bank auctioning off more than VND 355 billion debt of tycoon Huy ‘máy nổ’
After an unsuccessful first auction, recently, Agribank Nam Da Nang branch announced the auction of the debt of Southern Machinery Installation and Trading Co., Ltd., headed by Mr. Le Ba Huy (Huy ‘máy nổ’).
The value of the debt at the end of June 2023 is over VND 355 billion. The debt is secured by the right to use land and assets attached to a land area of over 2,293m2 at 404 Dien Bien Phu (Thanh Khe District, Da Nang City, where Mr. Huy opened Khong Gian Xua cafe and restaurant with an ancient house space, valued at over VND 650 billion according to its introduction).
In addition, the collateral for the loan of Southern Machinery Installation Company also includes office buildings, warehouses, equipment workshops, laboratory rooms, power generator rooms, engine assembly lines, casting equipment lines… at two leased land areas of over 32,000m2 in Hoa Khanh Industrial Park. The starting price for the above debt is VND 246 billion.
Hanh Nguyen
