FLC Repays VND 62.6 Billion on Behalf of Faros
The Board of Directors of FLC Group Joint Stock Company (code: FLC) has just issued a resolution approving the transaction with related party FLC Faros Construction Joint Stock Company (code: ROS).
Accordingly,
the successful sale of secured assets (FLC Albatross yacht) amounted to VND 23.65 billion.
After deducting mandatory costs, BIDV bank realized principal debt collection from auction proceeds of VND 22.8 billion.
Meanwhile, according to Agribank’s notifications, FLC Group continues to fulfill financial obligations on behalf of Faros in the amount of VND 38.95 billion. In total, FLC has repaid VND 62.6 billion for Faros.
This debt will be repaid to FLC by Faros within a maximum of 36 months from the date of debt occurrence, with the following repayment schedule:
VND 23.65 billion from October 21, 2024;
VND 10 billion from December 6, 2024;
VND 2 billion from December 31, 2024;
VND 2 billion from January 16, 2025;
VND 24.95 billion from February 18, 2025.
For the first 12 months, the transaction will not incur interest. From the 13th month onwards, Faros will be subject to a fixed interest rate of 6.5%/year; the overdue interest rate is set at 150% of the in-term interest rate.
The Former Chairman’s Yacht That Failed to Auction Seven Times
It is known that FLC Albatross is a luxurious yacht invested during the time of Mr. Trinh Van Quyet’s chairmanship. This yacht was often used for recreational and entertainment purposes.
At the beginning of 2024, the yacht was put up for auction for the seventh time by the bank after several unsuccessful attempts. This asset was pledged by FLC Group at the Bank for Investment and Development of Vietnam – BIDV Quy Nhon Branch.
The FLC yacht is a Galeon 660 Fly model built in Poland in 2017. It was imported to Vietnam by Mr. Trinh Van Quyet in 2018 at a cost of VND 44 billion.
The yacht was “assigned” to FLC Biscom Golf Course and Yacht Management Company Limited, established in 2016, to manage and operate FLC Group’s golf courses and yachts.
FLC Albatross features a seagull-shaped design, with a length of nearly 22 meters, a width of over 5 meters, and a hull height of 3.15 meters.
The yacht has 2 floors, 4 bedrooms, a bar, a sunbathing area, and an entertainment area. It is registered to accommodate 12 people and is available for rent at VND 20 million/2 hours.
Previously, FLC Albatross operated mainly in Ha Long Bay or Quy Nhon Beach, where FLC’s golf courses are located.
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