Recently, the property located at 44 Tran Dinh Xu, Cau Ong Lanh Ward, Ho Chi Minh City (with an area of over 1,157 sqm) was successfully auctioned by the Ho Chi Minh City Asset Auction Service Center.
Starting at a price of 408.5 billion VND, a company placed the highest bid of 635 billion VND, surpassing the starting price by nearly 230 billion VND.
This is one of the asset groups that, according to the first-instance judgment on April 11, 2024, the Ho Chi Minh City People’s Court has declared to be released from transaction restrictions and temporarily halted transactions. These assets are to be handed over to relevant organizations and individuals for debt recovery and enforcement of the judgment in the case of Truong My Lan (former Chairwoman of Van Thinh Phat Group) and her accomplices.
Asset Groups Released from Restrictions
First is the real estate located at 53 Pham Ngoc Thach, Vo Thi Sau Ward, District 3 (now Xuan Hoa Ward), Ho Chi Minh City. This property is to be handed over to Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to ensure the settlement of loans secured by these assets. Any remaining funds after debt settlement (if any) are identified as belonging to defendant Truong My Lan and should be transferred to the Enforcement of Judgment Agency (THADS) to fulfill her obligations in the case.
Second is the real estate located at 64-68 Tran Quoc Thao, Ward 7, District 3 (Xuan Hoa Ward), Ho Chi Minh City, as per the land use rights certificate issued by the Ho Chi Minh City Department of Construction on November 1, 2004, updated to Ho Quoc Minh. This property is to be handed over to Sacombank to ensure the settlement of loans secured by these assets. Any remaining funds after debt settlement (if any) should be transferred to the Ministry of Public Security’s account for further handling regarding Ho Quoc Minh.
Third is 26 apartments/shophouses in the Eco Green Saigon project at 107 Nguyen Van Linh Road, Tan Thuan Tay Ward, District 7 (now Tan Thuan Ward), Ho Chi Minh City. The property rights to these 26 units belong to Tuong Viet Trading and Production Co., Ltd. These assets are to be handed over to Sacombank to ensure the settlement of loans secured by these assets. Any remaining funds after debt settlement (if any) are identified as belonging to defendants Duong Tan Truoc and Cao Viet Dung and should be transferred to THADS to fulfill their obligations in the case.
Fourth is the land use right at plot number 428-47, map sheet number 7, located in Tan Phu Ward, District 7 (now Tan My Ward), Ho Chi Minh City, registered under Cao Viet Dung and Dinh Hai Yen (born in 1971). This property is to be handed over to Sacombank to ensure the settlement of loans as per regulations.
Fifth is the real estate owned by Nguyen Son Hai Long and his family located in Long An (now Tay Ninh Province), totaling 8 assets with a combined area of 800 sqm, and in Ho Chi Minh City (4 properties in Go Vap and former District 8).
Sixth is the house and land use rights at 81 Nguyen Thai Hoc, Cau Ong Lanh Ward, Ho Chi Minh City, as per the land use rights certificate issued by the Ho Chi Minh City People’s Committee on October 16, 2016, related to P.T.K.T, who acquired it from Southern Department Store Corporation.
Seventh is a portion of the Morning Star Villa Complex and Hoang Long Villa Complex in Quang Ninh, comprising 66 villa lots with a total area of 32,850.1 sqm, the DV-01 service facility with an area of 3,067 sqm, and Lot KS1 with an area of 4,404.4 sqm.
Current state of the property at 44 Tran Dinh Xu
Specifically, for the property at 44 Tran Dinh Xu, the court has ruled that it be handed over to H.T.A.T for management and debt recovery of 235 billion VND. Any remaining funds after debt settlement (if any) are identified as belonging to defendant Truong My Lan and should be transferred to THADS to fulfill her obligations in the case.
Priority in the enforcement of the judgment will be given to compensating victims of fraud related to bond issuance.
Previously, following the payment to bondholders in late September, the Ho Chi Minh City THADS announced that it is currently measuring, valuing, and assessing the assets owned by Truong My Lan and related individuals and organizations. Additionally, the agency continues to request relevant banks to transfer the frozen funds as per the first-instance and appellate judgments of both phases. Once the assets are processed and funds are transferred by the banks, subsequent payment rounds will be initiated.
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