SCB is looking for valuation organizations for 13 collateral assets linked to Truong My Lan, including 12 properties in Ho Chi Minh City and Tay Ninh, before putting them up for public auction.
In an announcement this weekend, Saigon Commercial Joint Stock Bank (SCB) stated that these assets belong to the list of 1,120 collateral asset codes in the Van Thinh Phat Group case. These are independent assets with completed mortgage legal procedures, which can be transferred individually and easily traded.
Most of the properties awaiting valuation are located in central Ho Chi Minh City, such as 22 Le Loi, 15 Ngo Duc Ke, and 202-204 Pasteur. According to SCB, many of these land plots are currently closed, while others are leased to third parties for offices, food and beverage businesses, and parking lots.
In the process of handling mortgaged assets for debt recovery, valuation is a crucial step to determine the starting price for auction. SCB said the asset handling process is carried out strictly under the supervision of the Supreme People’s Procuracy, the Police Investigation Agency of the Ministry of Public Security, and civil judgment enforcement agencies to ensure the best recovery efficiency.
The 1,120 collateral asset codes in the case were used to secure 1,243 loans of Truong My Lan (Chairwoman of Van Thinh Phat Group) at SCB. At the time of the first-instance trial, the outstanding debt of these loans was 673 trillion VND.
Back in March, SCB stated that it was ready with resources for asset handling work in this case, despite the massive, complex, and unprecedented volume of work. At that time, the bank handled 8 asset codes (corresponding to 12 collateral assets) including real estate, clothing, and fashion accessories of companies related to Lan.
The asset handling process is divided into two phases to ensure objectivity, transparency, and compliance with regulations. First, the bank selects a consulting unit to assist with surveying, developing criteria, inviting bids, and evaluating bid dossiers. In the next phase, the bank selects an asset handling unit with valuation capacity to organize public auctions.
In addition, many of Lan’s personal assets, such as Hermes handbags and cars, are also being auctioned by judgment enforcement agencies. Some assets have been purchased at prices several times higher than the starting price, while others have had their prices reduced multiple times and are awaiting re-execution.
Phuong Dong
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