In the past three months, Agribank has been selling debts related to Tan Hoang Minh with a total value of about 1,000 billion VND.
On October 4 and 5, Agribank Trang An branch announced the auction of 4 receivable debts with 4 enterprises related to Tan Hoang Minh Group.
Specifically, this bank is selling the debt of Bac Ha Development Investment Company Limited with a starting price of about 56 billion VND; the debt of THM Thinh Vuong Real Estate Investment Company Limited with a starting price of 95 billion VND; the debt of Phu Thanh Construction Investment Joint Stock Company with a starting price of 77 billion VND and the debt of Ngoc Vien Dong Real Estate Investment Joint Stock Company with a starting price of 82 billion VND.
These 4 debts with a total value of more than 300 billion VND are all mortgaged by a long-term and irrevocable lease contract at 24 Quang Trung, Hoan Kiem District of Tan Hoang Minh Hotel Service Trading Company Limited. This 7-storey building on the prime land in Quang Trung is also the headquarters of Tan Hoang Minh Group.
In early August, Agribank also put up for sale the debts of 7 enterprises in the Tan Hoang Minh ecosystem with a total outstanding debt of nearly 500 billion VND, including collateral assets being real estate in Thien Bao Phu Quoc Tourist Area and Hoang Hai Complex Tourist Area. In addition, this bank also has a debt to recover with Hoang Hai Phu Quoc Housing Development Investment Joint Stock Company, the starting price for sale is more than 281.6 billion VND.
In total, the bank is selling debts worth at least VND1,000 billion related to Tan Hoang Minh Group.
According to the recent investigation conclusion of the Ministry of Public Security, in the period of 2021 and early 2022, due to the general impact of Covid-19, the real estate market froze, bank credit was tightened, causing Tan Hoang Minh to face many financial difficulties, with a very large credit balance.
Due to the need for money to pay due and overdue debts, continue to invest in buying and selling shares, projects, operating costs... Mr. Do Anh Dung, Chairman and General Director of Tan Hoang Minh Hotel Service Trading Company Limited, has directed Deputy General Director Do Hoang Viet to research plans and methods to mobilize capital for Tan Hoang Minh.
Mr. Dung, along with other individuals, used the legal entities of different companies to fabricate business activities through "fake" contracts (investment cooperation contracts, deposits, share sales and purchases...), which did not exist between companies within the group, to create plans to issue individual bond packages.
Accordingly, Mr. Dung and other defendants related to the Tan Hoang Minh ecosystem, with the help of an auditing company, issued 9 separate bond packages with a total value of more than 10,000 billion VND.
Quynh Trang
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