Ocean Commercial Limited Liability Bank (OceanBank) Hai Duong branch has just announced the auction of debt of Ocean customer group to recover debt.
Specifically, the auctioned assets are bad debts of Dai Duong Company Limited and VNT Infrastructure Development Investment Joint Stock Company (Dai Duong Group) arising under credit contracts with OceanBank with a total provisional debt obligation as of August 28, 2023 of VND 1,163.6 billion. Of which, the principal debt is VND 312.95 billion, interest and penalties are VND 850.7 billion.
The bank also noted that bidders must purchase all of the above debts. OceanBank does not sell individual debts.
OceanBank will only sell the above debts when the buyer agrees to the condition that when the debt buyer handles the secured assets, which are the Minh Duc project and/or Lai Cach project, to recover the debt, the revenue from handling these secured assets will be given priority to prepay the entire outstanding principal of the loan of Dai An Joint Stock Company at OceanBank.
The collateral for the above debt is all future assets associated with the land plot with annual rental payments (except for land leased to 4 enterprises with an area of 53,931.4 m2) at the Project "Investment in construction and business of infrastructure of Lai Cach Industrial Park, Cam Giang district, Hai Duong province".
At the same time, the current and future assets owned and managed by VNT Infrastructure Development Investment JSC, whether formed from OceanBank's loan capital or not, include: All assets formed on land to "invest in building infrastructure of Minh Duc Industrial Park".
The real estates that have been, are being formed, will be formed "investing in building infrastructure of Minh Duc Industrial Park" or any other real estate, personal property that is attached or not attached to that real estate, as long as it is located on the 198ha land lot in Minh Duc Industrial Park, My Hao district, Hung Yen province to implement the above project.
All rights and interests arising from or related to these assets, including but not limited to: benefits, profits, exploitation rights, transfer rights, lease rights, lending rights... are also mortgaged assets.
All income, profits and benefits arising from the transfer and implementation of the project "investment in construction of infrastructure of Minh Duc Industrial Park".
In addition, the collateral is all 100% of shares of VNT Infrastructure Development Investment JSC owned by Dai An JSC, Ms. Truong Tu Phuong and Ms. Tuong Quynh Huong...
OceanBank offers a starting price for the Ocean Group's debt equal to the total debt obligation of the debts as of December 29, 2023, which is VND 1,202 billion.
Regarding additional information about the collateral, OceaBank said that the Lai Cach Industrial Park Infrastructure Investment and Construction Project has a total area of 136.97 hectares, of which phase 1 is 100.42 hectares and phase 2 is 36.55 hectares.
In phase 1, the Company has handed over 100.42 hectares of land with compensation payment of VND97.38 billion. As for phase 2, the remaining area of the project, including 36.55 hectares, the Company has not yet implemented. Currently, the Company has hired a consulting unit to extract the area of each land plot and the Department of Natural Resources and Environment has appraised the extract. The extract file has been sent to the Compensation Council to notify each household.
For the Investment Project to build infrastructure of 175 hectares of Minh Duc Industrial Park, there is not enough legal basis to implement. Of which, 84 households/1,243 households in Phuc Bo, Ngoc Lam commune have not received compensation for site clearance and these 84 households are all in the core area of the Project.
The cost of compensation and support for site clearance up to April 16, 2021 is 121.88 billion VND out of the total amount to be paid of 136.28 billion VND.
The company also paid construction units and other expenses 197.67 billion VND... Shareholders contributed and had to borrow money to invest 430 billion VND out of the total investment capital needed of 1,848 billion VND.
Currently, VNT Infrastructure Development Investment Joint Stock Company is still operating normally. On March 3, 2023, OceanBank filed a lawsuit against VNT Infrastructure with the People's Court of My Hao Town. To date, the People's Court of My Hao Town has not accepted OceanBank's lawsuit .
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