Vietnam Joint Stock Commercial Bank for Industry and Trade, Ha Giang Branch (VietinBank Ha Giang) has just announced the sale of collateral assets of Trung Linh Phat Company Limited.

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Trung Linh Phat is one of nearly 40 major petroleum hubs in the country. Photo: Lao Dong

The collateral for Trung Linh Phat's loan includes 9 land use rights, house ownership rights and assets attached to land in Hoa Binh and Ninh Binh provinces.

Specifically, 1 land use right, house ownership right and property attached to land, land area 1,814.9m2, single house (3 floors) construction area 92.4m2 in Ba Cau hamlet, Ngoc Luong commune, Yen Thuy district, Hoa Binh province. 2 land use rights, house ownership right and property attached to land, same area 339.3m2, at land plot No. 696, map sheet No. 21 and land plot No. 692, map sheet No. 27 in Doai Thuong hamlet, Ninh Phuc commune, Ninh Binh city, Ninh Binh province.

5 land use rights, house ownership rights and assets attached to land with areas of 523m2, 569m2, 588m2, 579m2 and 639m2 respectively in Ninh Khanh urban area, Ninh Khanh ward, Ninh Binh city, Ninh Binh province. 1 land use right, house ownership rights and assets attached to land, area of ​​390m2 in Tay Ring Road urban area, Ninh Son ward, Ninh Binh city, Ninh Binh province.

VietinBank Ha Giang said that all the above assets were sold at the agreed price. All the money collected from the disposal of the assets will be used to pay off the debt of Trung Linh Phat Company Limited at VietinBank Ha Giang.

The Bank for Agriculture and Rural Development, Ninh Binh Branch (Agribank Ninh Binh) is also auctioning off assets securing loans related to Trung Linh Phat.

Specifically, Agribank Ninh Binh is selecting a unit to organize the auction of assets securing Trung Linh Phat's debt, including 2 land use rights on National Highway 10, Yen Bang Commune, Y Yen District, Nam Dinh Province; land areas are 242.2m2 and 405.4m2, respectively.

The assets on land in one of the two plots of land mentioned above are a gas station with an area of ​​about 48m2; staff housing with an area of ​​about 72m2; a gas storage area with an area of ​​about 40m3; a rest stop with an area of ​​about 45m2; and a corrugated iron shed with an area of ​​about 45m2.

The Bank will sell the above assets together at a starting price of VND 10 billion, excluding VAT, taxes, fees, charges and costs related to the transfer of ownership of the assets as prescribed by law.

In addition, the collateral to be auctioned is a Mitsubishi pickup truck, manufactured in 2017, owned by Trung Linh Phat Company Limited.

The starting price for this car is VND 343,575 million, excluding VAT, taxes, fees, charges and costs related to the transfer of property ownership as prescribed by law.

The third auctioned asset is a land use right of 440 square meters in the name of Trung Linh Phat, in Lai Thanh commune, Kim Son district, Ninh Binh province. The assets on the land are a gas station with an area of ​​about 80 square meters; a sales house, staff housing, a warehouse with an area of ​​about 51.6 square meters; and a gasoline storage area of ​​about 38.4 square meters.

Starting price of 5 billion VND, excluding VAT, taxes, fees, charges and costs related to the transfer of property ownership as prescribed by law.

Trung Linh Phat Company Limited is a leading petroleum trading enterprise with a large market share in the northern provinces, headquartered in Ninh Binh province. Recently, this enterprise has been continuously put up for sale by banks to recover bad debts.

In April 2024, BIDV sold the right to use 19 land plots in Ninh Binh with a starting price of VND 211 billion to recover the debt of a leader of Trung Linh Phat Company.

At the end of October 2023, BIDV Nam Dinh Branch auctioned off the assets of 3 real estates of this company on Vinh Quang Street, Ninh Khanh Ward, Ninh Binh City with a starting price of more than 20 billion VND to recover debt.

Previously, in March 2023, Maritime Commercial Joint Stock Bank (MSB) also announced the seizure of collateral assets, which are 23 land use right certificates in Ninh Binh of Trung Linh Phat Company Limited, including some certificates in the names of Ms. Vu Thi Thu Thao, General Director and Mr. Tran Van Dan, Chairman of the Board of Members of this company.

By June 2024, MSB will sell 7 of its land use rights in Yen Khanh and Hoa Lu districts (Ninh Binh province) with starting prices ranging from 1.76 to 6.31 billion VND.

From 2023 to now, the petroleum giant Trung Linh Phat has always been on the list of enterprises with the most tax debts according to the announcement of the Ninh Binh Provincial Tax Department. In the latest list as of July 31, Trung Linh Phat topped the list of enterprises with tax debts with an outstanding tax debt of 195.8 billion VND.

Previously, in November 2023, the Inspectorate of the Ministry of Finance imposed administrative penalties and issued 19 decisions to enforce the deduction of money from 33 accounts of Trung Linh Phat Company Limited, with an amount of more than VND 26.3 billion.

Trung Linh Phat Company Limited was fined for not transferring the balance of the petrol price stabilization fund to the price stabilization fund deposit account at a commercial bank. Trung Linh Phat is also on the list of enterprises importing diesel oil below the allocated limit in 2021 and not submitting an adjustment registration when there are changes in the petrol distribution system.