Sacombank has once again announced the auction of debts owed by Saigon Seafood Trading Company, amounting to 5,833 taels of SJC gold. This debt has garnered much attention due to its association with the aforementioned quantity of gold.
On December 20th, the bank will auction off the company’s entire debt. This debt dates back to January 2009 and was originally signed with the Southern Bank, involving the businessman Tram Be. In 2015, the Southern Bank merged with Sacombank, transferring its assets and liabilities.
A company with trillions of debts, including nearly 6,000 taels of SJC gold bullion.
The debt comprises two credit contracts from early 2009, including a credit limit contract worth VND 103 billion and a loan of 5,833 taels of gold. As of January 8, 2024, the total outstanding debt exceeded VND 1,768 billion, including nearly VND 530 billion in principal, VND 823 billion in interest due, and VND 415 billion in overdue interest.
Sacombank has attempted to auction this debt multiple times without success. In their most recent attempt, they set a starting price of VND 555 billion, which was higher than the principal amount and accounted for approximately 32% of the total outstanding debt.
In this auction, Sacombank has unexpectedly slashed the price by nearly 19%, offering the debt at a starting price of nearly VND 450 billion, which is over VND 105 billion lower than the previously announced auction.
Compared to the July auction, the starting price for this auction has been reduced by over VND 550 billion. Additionally, the starting price is now lower than the principal amount of the loan.
Notably, one of the two credit contracts involves a loan of 5,833 taels of SJC gold, equivalent to more than VND 249 billion at the gold price at the end of 2020. This contract had a term of 12 months (from 2009 to 2010) with an interest rate of 10.8% per annum. The outstanding principal amount for the gold loan has increased to over VND 435 billion.
When the loan was established in 2009, the SJC gold price hovered around VND 25-27 million per tael. Currently, the selling price of gold is VND 85.1 million per tael, more than triple the price at that time, resulting in a significant increase in the principal amount.
As of December 18, the share price of APT, the Saigon Seafood Trading Company, is listed on the stock exchange at only VND 3,200 per share.
Headquartered in Binh Tan District, Ho Chi Minh City, Saigon Seafood Trading Company was formerly a state-owned enterprise established in 1976. With a charter capital of VND 88 billion, the Saigon Trading Corporation holds a 30% stake in the company.
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