Two banks have repeatedly put up for sale a large debt secured by land use rights and assets at the Royal Marina project in Nha Trang, Khanh Hoa province, owned by tycoon La Quang Binh.
The Security Investigation Agency (Ministry of Public Security) has just proposed to prosecute Mr. La Quang Binh (Chairman of the Board of Directors of Electricity and Telecommunications Payment Solutions Joint Stock Company - ECpay) for violating regulations on banking activities, other activities related to banking activities and bribery.
In 2016, although ECpay did not meet the requirements for a credit limit, Mr. Binh and his sister La Thi Phuong Lien colluded with a number of bank officials to create fake documents to obtain a credit limit and disburse thousands of billions of VND.
Mr. Binh also discussed and agreed with others to bribe 200,000 EIN shares of Electricity Investment, Trade and Service Joint Stock Company (ECInvest) to Mr. Dao Hoang Thang (director of a bank branch) to resolve the problem so that Thinh Phat Company would not be transferred to bad debt and continue to receive capital disbursement against regulations.
Mr. Binh was Chairman of the Board of Directors of ECpay, Chairman of the Board of Directors of ECInvest, Chairman of the Board of Directors of Laluna Group and Marina Hotel JSC.
ECInvest owns the Electricity Tourism Hotel (District 1, HCMC), the Vung Tau Electricity Tourism Hotel (Ward 12, Vung Tau City) and a series of other resort hotel projects in Can Tho, Phu Quoc,...
Notably, Marina Hotel JSC was established in 2016. This enterprise owns the Royal Marina project (Swisstouches La Luna Resort) in Nha Trang, Khanh Hoa province.
Two banks, Agribank and VietinBank, have sold debts many times in this project.
In September 2023, Agribank Dong Da Branch announced the sale of the debt with a starting price of VND 1,145 billion. Agribank said that the debt of Marina Hotel JSC is secured by all land use rights and auctioned assets attached to the land formed in the future of the Royal Marina Center project - Area B in Vinh Hoa ward, Nha Trang city.
Including 690 apartments and 36th floor penthouse garden; basement and 35 floors of commercial business. All are future assets.
After 10 auctions, in August 2024, Agribank announced the starting price for the debt was 948.2 billion VND and there is currently no further information about the auction results.
Previously, VietinBank Thanh An Branch had put up for sale a secured debt of the Royal Marina Center project - Area A to recover the loan of Marina Hotel JSC. The total outstanding credit balance at the time of the first sale (August 2022) was more than VND 540 billion.
By the 6th sale, in June 2024, the starting price dropped to nearly 486 billion VND.
The collateral for the above debt includes land use rights, house ownership rights and other assets attached to the land of nearly 6,000 square meters at the hotel and tourist apartment construction project with a term of use until 2064.
Along with that is all real estate formed under the project, including but not limited to machinery, equipment, furniture, tools, means of transport and other real estate.
Since then, the bank has not released any further information about this debt.
Source: https://vietnamnet.vn/ngan-hang-mac-ket-vi-du-an-ben-du-thuyen-cua-dai-gia-la-quang-binh-2332788.html
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