Agribank to auction Tan Hoang Minh property to recover debt

Agribank's Trang An branch has announced the auction of a series of collateral assets of THM-Concrete Production and Trading JSC, a subsidiary of property developer Tan Hoang Minh Group, to recover debts.

The series of assets in the company's name are mortgaged for loans at Agribank's Trang An branch, including 40 assets like cars of all kinds, concrete mixer trucks, excavators, generators, among others.

Specifically, these assets include: one Mazda five-seater car, manufactured in 2018; two Ford Rangers, produced in 2018; 30 concrete mixer trucks manufactured in 2019; two Liugong wheel loaders, made in 2018; one concrete batching plant with a capacity of 180 cubic meters per hour operating from 2018; one 1000 kVA-35(22)/0.4kV substation project operating from 2018; one power generator produced in 2018; one system for water cooling; and Hitachi crawler excavators, made in 2018.

As of December 1, 2022, the debt's value reached VND28,258 billion ($1.19 billion) and is classified by Agribank as group 5 debt (unsolvable).

The starting price for the above series of assets offered by Agribank is VND40,895 billion ($1.72 billion). The auction will take place on March 22, 2023.

Previously, Agribank, a wholly state-owned bank, announced the seizure of THM Concrete collateral in early February 2022. Specifically, Agribank said THM Concrete had violated the deadline for handing over collateral assets as instructed by Agribank's Trang An branch. Therefore, the branch seized the assets according to the provisions of their signed contract.

THM Concrete is one of seven member companies of Tan Hoang Minh Group and is part of a closed chain supporting real estate activities like concrete and natural stone factories with investment capital from VND500-700 billion ($29.57 million), on an area of 10 hectares.

According to information on the official website of Tan Hoang Minh Group, it has seven member units: Soleil Invesment Invesment and Hotel Services JSC; Winter Palace JSC; Viet Star Real Estate Investment Company Limited; ALG Real Estate Management JSC; THM-Green JSC; THM-Concrete Production and Trading JSC; and D' Land House JSC.

THM-Concrete is led by Do Hoang Viet, the second son of Do Anh Dung, chairman of Tan Hoang Minh Group, as general director. The company is headquartered at 24 Quang Trung street, Hoan Kiem district, Hanoi, in the same office as Tan Hoang Minh Group.

Do Hoang Viet is known as deputy general director of Tan Hoang Minh Co., Ltd. Besides, Viet also acts as the legal representative of a series of companies including: CIRI Hang Non JSC; Viet Star Decor JSC; Viet Studio Design Construction JSC; Fory Company Limited; Anh Sang Viet Real Estate Management JSC; Green-Art Landscape Infrastructure JSC.

Do Hoang Viet was arrested and prosecuted in April 2022 with five other defendants, including Do Anh Dung, for fraudulently appropriatings property.

Agribank is not the first bank to have offered to sell debts related to Tan Hoang Minh Group.

In April 2022, Saigon-Hanoi Bank issued a notice to sell debt of a company in Tan Hoang Minh Group with property rights, property and other interests related to 45 apartments of Tan Hoang Minh's D'Palaisdelouis project as collateral.

The bank said that the loan is secured by all property rights, assets and other interests of Green-Art Landscape Infrastructure JSC arising from the real estate purchase and sale contract signed with Tan Hoang Minh Co., Ltd.