Asset auction information related to Pham Cong Danh
Global Auction Joint Stock Company has just announced the continuation of the auction of assets at the request of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) with a starting price of over VND 508 billion.
The asset for auction is a land lot with an area of 11,221 m2 for production and business, with permanent use duration. The assets attached to the land include a 3-story building with a terrace, a construction area of 5,644 m2, and a floor area of 6,413 m2. These assets were transferred to Pham Cong Danh in June 2006.
In 2016, Mr. Danh was sentenced to 30 years in prison for crimes related to fraud and intentional violation of state regulations on economic management, causing serious consequences. The Pham Cong Danh case is one of the most shocking economic crimes in recent years.
The auction of assets related to Mr. Danh is expected to take place at 2 pm on August 30, at Sacombank’s Head Office, 266-268 Nam Ky Khoi Nghia, Vo Thi Sau Ward, District 3, Ho Chi Minh City.
Regarding tax and fee obligations related to the purchase of assets, the winning bidder shall pay all taxes, fees, and expenses arising from the transfer of assets, including taxes on income from real estate transfer (if any).
In terms of bad debt handling, Sacombank has also auctioned off the Xi Grand Court project at 256-258 Ly Thuong Kiet, District 10, Ho Chi Minh City, and assets of Van Phat Real Estate Company, Kim Hoan My Jewelry Company, Ki Hu Mechanical Casting Co., Ltd., Song Long Food Joint Stock Company, and H.N.H Joint Stock Company.
According to Sacombank’s Q2/2024 financial report, the bank’s bad debts amounted to VND 12,500 billion, of which uncollectible debts accounted for more than VND 8,400 billion.
8-level Building for Sale at Nguy Nhu Kon Tum Street (Hanoi) Starting from 20.5 billion VND
This is an asset guaranteed by an individual at PVcomBank. The auctioned asset is the right to use 89m2 of land in urban areas, owning a house and other assets attached to the land at the address of block 12, collective residence B15 of the Ministry of Public Security (now number 17, alley 68, Nguy Nhu Kon Tum street), Nhan Chinh ward, Thanh Xuan district, Hanoi.
Sacombank maintains steady growth, ready to utilize internal resources to complete restructuring plan.
Sacombank has recently announced its financial results for Q4/2023. The bank has successfully achieved key business targets set by the Shareholders’ Meeting, with a pre-tax profit growth of 9,595 billion VND, a 51% increase compared to 2022, surpassing the year’s initial plans. What’s remarkable is that Sacombank has fully provisioned for the unrecovered VAMC debt, demonstrating its commitment to completing the restructuring plan in a timely manner.
