On December 11, the Department of Justice of Thanh Hoa province held a press conference to provide information on the enforcement of the ruling against Tay Do Company at the Thanh Hoa Elementary and Middle School project, located in the new urban area of Dong Huong ward, Thanh Hoa city.
At the press conference, a representative from the Department of Justice of Thanh Hoa province informed that in May 2004, the People’s Committee of Thanh Hoa province had decided to allocate 40,387 square meters of land to Tay Do Company for the implementation of the Thanh Hoa private elementary and middle school project.
During the project implementation, Tay Do Company signed a credit contract with the Vietnam Development Bank – Thanh Hoa Branch, borrowing VND 144 billion, along with the company’s counterpart capital of VND 62.6 billion. The project was expected to be completed and put into use by the end of 2010.
The Vietnam Development Bank – Thanh Hoa Branch disbursed more than VND 77 billion but stopped disbursement in February 2010, citing Tay Do Company’s failure to comply with the terms of the credit loan contract.
In 2012, the Vietnam Development Bank – Thanh Hoa Branch filed a lawsuit against Tay Do Company, and the People’s Court of Thanh Hoa province subsequently issued a verdict (No. 02/2013) obliging Tay Do Company to repay the Vietnam Development Bank more than VND 109 billion.
In 2018, the Department of Justice of Thanh Hoa province issued Decision No. 01, requiring Tay Do Company to repay the debt to the Vietnam Development Bank – Thanh Hoa Branch. However, the company failed to voluntarily comply with the ruling for several years.
As Tay Do Company did not voluntarily comply with the ruling, the Department of Justice of Thanh Hoa province hired a valuation unit, which appraised the assets at over VND 268 billion as of April 2019, and proceeded with the auction.
At the press conference, Mr. Dinh Van Thang, Deputy Chief of the Department of Justice of Thanh Hoa province, stated that after 15 price reductions and 19 auctions, the assets were successfully auctioned online on March 7, 2024. The winning bidder was Phuc Thinh Trading Services Investment Joint Stock Company, with a bid of over VND 88 billion, which the company has fully paid.
During the press conference, news agencies inquired about the transparency of the auction process for the private international school. Mr. Thang affirmed that the auction strictly adhered to the state’s regulations.
The enforcement of the ruling on this project is expected to commence on December 16 and continue until its completion. The Department of Justice of Thanh Hoa province ordered Tay Do Company and all organizations and individuals conducting illegal business activities within the project to vacate the premises and hand over the site to the winning bidder. The assets include all structures on the land area registered under Tay Do Company’s name, as per the land use right certificate issued in 2005.
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