The Government Inspectorate (GIA) recently announced the Inspection Conclusion on the responsibilities of the State Bank of Vietnam and credit institutions (CIs) in implementing the Project on Restructuring the CI System and the Project on Handling Bad Debts for the 2013-2017 period.
In particular, the Government Inspectorate proposed to handle the inspection results of some credit applications at Sacombank during this period. Specifically, it requested Sacombank to closely monitor the project implementation progress of the borrower, Saigon Imprint Real Estate Investment and Development Joint Stock Company (Saigon Imprint Company), and required the customer to commit to supplementing its own capital to ensure capital sources according to the project implementation progress.
TTCP also recommends that Sacombank strictly control the loans of Dong Tam JSC and the financial situation of this enterprise in relation to the loans at the Central Branch; urge customers to take measures to overcome the financial imbalance. In case customers do not take measures to overcome the above situation, the debt must be recovered before the due date.
Sacombank is also required to recalculate penalty interest from August 4, 2017 in accordance with the credit contract with Soai Rap Production and Trading Company Limited (Soai Rap Company).
Van Thinh Phat's "Imprint" at Saigon Imprint
It is known that as of October 10, 2021, the outstanding debt of Saigon Imprint Company at Sacombank is 2,335 billion VND. This enterprise is implementing a series of real estate projects but these projects are all behind schedule, affecting the source of debt repayment according to the loan plan.
When approving the loan for Saigon Imprint, Sacombank failed to assess the loan condition of "having financial capacity to repay debt" as prescribed in Circular 09/2016 of the State Bank.
Saigon Imprint Company was established in 2015, the legal representative is Ms. Truong Hue Van, daughter of Van Thinh Phat family.
In October 2022, Ms. Truong Hue Van was prosecuted and temporarily detained to investigate the crime of Fraudulent appropriation of property along with Ms. Truong My Lan, Chairwoman of Van Thinh Phat Group.
Saigon Imprint is a company specializing in providing management and operation services for projects invested by Van Thinh Phat, such as: The Garden Mall (part of Thuan Kieu Plaza), Saigon Garden Commercial Center (center of District 1), Saigon House, Cocochin Food Court, Ao Dai Museum, Ao Dai Exhibition, Ao Dai House, Cho Lon Theater, The Mall, Maison Saigon, ...
Mr. Thang and related companies
Also according to the Inspection Conclusion, for Dong Tam Joint Stock Company's customer, the outstanding debt of this enterprise at Sacombank as of August 31, 2018 was 237 billion VND, by October 10, 2021 it was 29 billion VND and was classified by the bank as group 1 debt.
However, Sacombank did not accurately appraise and approve loans to Dong Tam; did not fully analyze and collect information and documents proving the customer's source of repayment; Sacombank even provided credit to Dong Tam to repay loans at Sacombank itself.
During the lending process to Dong Tam, Sacombank approved partial release of collateral but did not conduct collateral valuation.
Post-loan audits are performed in general, without evaluating or updating the progress of the customer's plan implementation.
Dong Tam Joint Stock Company (Dong Tam Group) was established in 2002 by businessman Vo Quoc Thang (Bau Thang) as founder and legal representative.
Dong Tam Group operates in the field of manufacturing and trading construction materials; real estate business, land leasing in industrial parks, factory leasing, joint venture investment, association, etc.
Chairman of the Board of Directors Vo Quoc Thang is known by the nickname "Mr. Thang" because Dong Tam used to be the sponsor of the Long An football team.
Mr. Thang was born in 1967 and was a member of the 11th National Assembly. He was Chairman of the Board of Directors of Kien Long Commercial Joint Stock Bank, then withdrew from this position in 2018 due to the provisions of the amended Law on Credit Institutions that the Chairman of the Board of Directors of a bank cannot be a member of the Board of Directors of other enterprises.
Among the above mentioned Sacombank customers, the remaining enterprise is Soai Rap Production and Trading Company Limited (Soai Rap Company). Notably, Soai Rap Company is a business belonging to the ecosystem of Dong Tam Group.
Soai Rap has the same “permanent residence registration” in Long An as Dong Tam, operating in the field of manufacturing construction materials from clay. This enterprise was established in 2015 with Mr. Thai Quoc Kiet as the legal representative.
Mr. Kiet is also a representative at enterprises in Dong Tam's ecosystem such as: Tay Ninh Branch, Ca Mau Branch, 3/2 Representative Office, Hai Thuong Lan Ong Representative Office, Truong Chinh Representative Office - Dong Tam Trading Company Limited.
On the website of Dong Tam Group on May 26, 2022, information was announced about the appointment of Mr. Thai Quoc Kiet to the position of Sales Director of Ho Chi Minh City and Southeast region - Dong Tam Trading Company Limited (a subsidiary of Dong Tam Group).
As of August 31, 2018, Soai Rap's outstanding debt at Sacombank was VND 803 billion. As of October 10, 2021, this enterprise no longer has outstanding debt at the bank.
However, the Government Inspectorate concluded that Sacombank lent money to Soai Rap to implement the project but the progress was slow, affecting the effectiveness of the business investment plan approved by the bank and the source of debt repayment according to the loan plan.
In addition, Sacombank classified debt incorrectly. According to the contract, the customer had to pay interest for the first time on August 4, 2017, but in reality, the customer paid interest on February 28, 2017 (6 months late, equivalent to 208 days) and had to transfer the debt to group 4, but Sacombank still classified it as group 1.
TTCP noted that by the interest payment due date of August 2018, Soai Rap had paid interest on time and in full. However, this agency still recommended that Sacombank recalculate the penalty interest from August 4, 2017 in accordance with the credit contract.
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