This is the collateral for the loan of Bac Ha Company Limited (Bac Ha Bus) whose Director is Mr. Nguyen Kim Cuong.
All 37 buses were granted registration certificates by the Hanoi City Police Traffic Police Department to Bac Ha Company Limited in 2013 and 2014.
Of these, 22 cars registered in 2013 are being sold at starting prices of 320 - 330 million VND/car; the remaining 15 cars were registered in 2014 and are being sold at starting prices of 419,418,900 VND/car.
In fact, Bac Ha Company mortgaged 57 buses to the bank, not just the 37 buses that the bank is selling.
The above buses were the public transport of Hanoians for 9-10 years until Bac Ha Company requested to stop operating the bus routes in 2022. This has caused confusion for the Hanoi Department of Transport.
Specifically, in July 2022, Bac Ha Company Limited petitioned the Hanoi Department of Transport to cancel the bus routes it was operating due to the company's bankruptcy and the bank's debt collection.
After that, the Hanoi People's Committee approved the proposal of the Hanoi Department of Transport to terminate the contract with Bac Ha Company Limited (Bac Ha Company) for 5 subsidized bus routes (including bus routes 41, 42, 43, 44, 45).
Bac Ha Company Limited was established in 1993 and registered in Bac Giang province. This enterprise is the first private unit to socialize public passenger transport services by bus according to the policy of the People's Council and People's Committee of Hanoi since 2005.
At the time of requesting to stop the operation of 5 buses in Hanoi, Mr. Nguyen Kim Cuong - Director of Bac Ha Company Limited said that after 2 years of the COVID-19 pandemic, the transportation sector has been severely affected. During the 4th outbreak in Vietnam (April 2021), the initial epicenter was in Bac Giang, where Bac Ha Company is headquartered, so business activities stopped for a long time.
Due to lack of revenue, the company still has to maintain operations, depleting working capital, using up the loan limit, leading to the inability to pay essential expenses such as salaries, fuel, repairs, parking as well as due bank debts.
All 57 buses serving bus routes 41 to 45 were mortgaged by Bac Ha Company at the bank to borrow capital for business.
On June 24, 2022, Bac Ha Company received a notice that it was 55 days overdue for the principal amount of more than VND 56,511 billion.
The bank requires timely and full performance of debt repayment obligations within 15 days from the date of receipt of the bank's document. If the debt is not paid within 15 days, the bank will apply handling measures including handling of mortgaged assets such as means of transport.
However, Bac Ha was unable to pay the due debt to the bank, leading to the seizure of 57 mortgaged cars used for 5 bus routes, affecting passenger transport according to contracts signed with the Hanoi City Public Transport Management Center.
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