These are two adjacent projects, with a total area of nearly 34 hectares, located in Duong To commune, Phu Quoc city, Kien Giang province, used as collateral for loans of companies related to Mr. Do Anh Dung's Tan Hoang Minh Group.
The D'Thien Bao Phu Quoc project is owned by Thien Bao Phu Quoc JSC - a business belonging to the Tan Hoang Minh Group ecosystem. Agribank did not provide detailed information about the land use rights area of this project, but according to the previous project introduction announced by Tan Hoang Minh, the project has a scale of 21.62 hectares, including a complex of 5-star hotels, villas, shophouses, condotels, etc.
This project is used as collateral for a loan from Ha Phuong Investment Construction and Trading Services Company Limited (Ha Phuong Company) - a business with the same representative (Mr. Nguyen Khoa Duc) as businesses in the Tan Hoang Minh ecosystem including: Winter Palace Joint Stock Company, ASA Joint Stock Company, LEONIS Trading Services Company Limited.
To recover bad debts for loans from Ha Phuong Company, Agribank announced the auction of land use rights of the D'Thien Bao Phu Quoc Project with a starting price of VND25.479 billion. Auction participants are required to deposit VND3 billion to the auction company. The auction will take place on August 16.
Not stopping there, Agribank is also selecting a unit to auction assets for 11,405.6 square meters of commercial and service land belonging to this project.
This is the collateral for the loan of Thanh Xuan Construction and Interior Design Consulting JSC – whose General Director is Do Hoang Viet, son of Mr. Do Anh Dung. The debt value as of August 4 is 127,464 billion VND.
Also in this project, 2,641 square meters of commercial and service land is mortgaged for a loan of Hanoi Import-Export - Investment, Business and Commercial Services Company Limited (belonging to Tan Hoang Minh ecosystem). The value of the temporary debt as of August 4 is 62.64 billion VND.
Agribank Trang An is announcing the selection of an organization to auction this asset.
In addition, the bank is also looking for an auction organization for 1,884.4 square meters of land in the D'Thien Bao Phu Quoc project.
This is the collateral for the loan of Xuan Nam Construction Services Company Limited. The estimated value of the debt as of August 4 is 45.89 billion VND.
In addition to D'Thien Bao Phu Quoc, also in area 5, belonging to Bai Truong complex in Duong To commune, Phu Quoc city, Kien Giang province, Tan Hoang Minh also implemented the Hoang Hai Phu Quoc project in parallel on an area of 12.37 hectares, planned as a residential complex and a tourism - entertainment - resort complex.
This is a project invested by Hoang Hai Phu Quoc Housing Development Investment Joint Stock Company (Hoang Hai Phu Quoc Company). This enterprise also has Do Hoang Viet as its former General Director.
In a recent announcement by Agribank, the Bank is also selecting a unit to auction the collateral assets, which are land use rights and assets attached to land with a total area of 1,644.5 square meters belonging to the Hoang Hai Phu Quoc project owned by Hoang Hai Phu Quoc Company.
This asset was used by Tan Hoang Minh as collateral for a loan from Manh Loan Construction and Trading Company Limited. The estimated value of the debt as of August 4 was VND105,376 billion.
It is known that Manh Loan Company and Thien Bao Phu Quoc JSC have the same legal representative, Mr. Nguyen Manh Hung. Mr. Hung is also the legal representative at the following companies: General Department Store JSC, Viet Star Real Estate LLC, Quang Viet Real Estate Investment JSC, and FELIS Real Estate Investment JSC.
Also at the Hoang Hai Phu Quoc Project, Tan Hoang Minh mortgaged 3 plots of land with a total area of 562.5 square meters for a loan from Green-Art Landscape Infrastructure JSC (represented by Do Hoang Viet). The estimated value of the debt as of August 4, 2024 is 37.89 billion VND and is being selected by Agribank Trang An to organize an auction.
In addition, Tan Hoang Minh also mortgaged 4 land use rights with a total area of 775m2 for a loan from Mivi Vietnam Trading and Service Company Limited. The debt value as of August 4 was 52,247 billion VND and is also being selected by Agribank Trang An to organize an auction.
Thus, it can be seen that Tan Hoang Minh has divided the project into many different lots to mortgage for bank loans through subsidiaries and affiliated companies.
Regarding the D'Thien Bao and Hoang Hai Phu Quoc projects mentioned above, both projects form a tourism and entertainment complex with a scale of nearly 34 hectares, with a total investment of more than 24,000 billion VND, which started construction at the end of 2021. This is Tan Hoang Minh's largest project to date.
In April 2022, Tan Hoang Minh advertised for sale the above-mentioned tourism and entertainment complex but failed.
Previously, March 2023 Agribank Trang An once announced the auction of a series of assets including 1 car, 2 pickup trucks, 30 concrete mixers and many other equipment and machinery of THM-CONCRETE Production and Trading JSC under Tan Hoang Minh Group. This is the asset used as collateral for the company's own loan at Agribank. The value of the debt as of December 1, 2022 is VND 28,258 billion and is classified by Agribank as group 5 debt (debt with no ability to pay). Former Chairman of Tan Hoang Minh, Mr. Do Anh Dung and his son Do Hoang Viet were prosecuted and temporarily detained by the Ministry of Public Security's Investigation Police Agency in April 2022 to investigate and verify a number of acts with signs of violating the law related to the issuance of bonds and raising money from investors for member companies of Tan Hoang Minh Group. |
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