'Gold tycoon' has nearly 500 billion VND debt put up for sale by bank

According to Agribank , the debt of Duc Tien Gemstone and Jewelry Trading Joint Stock Company has an outstanding debt of up to 485 billion VND. The assets securing this loan include:

Right to use 62 plots of land, total area of ​​956,639 m2 in Tuy Phong Industrial Park (Vinh Hao commune, Tuy Phong district, Binh Thuan province). This is industrial park land, term of use until December 31, 2063, is property owned by Tan Dai Tien Binh Thuan Company Limited.

Tan Dai Tien Binh Thuan is led by Mr. V.D.TD as General Director. Notably, Mr. D. is also the legal representative at Jessica Vietnam Jewelry Joint Stock Company.

Along with that are the land use rights and assets attached to the land at 307 and 309 Le Van Quoi, Quarter 1, Binh Tri Dong Ward, Binh Tan District, Ho Chi Minh City (individual houses). The areas are 1,214.2 m2 and 842.3 m2 respectively.

A Duc Tien jewelry store in Ho Chi Minh City. (Photo: Duc Tien Gemstones & Jewelry).

This property is owned by Ms. TTL.

According to research, this is the famous Fenix ​​Palace wedding restaurant in Ho Chi Minh City. The building has 2 facades, 1 basement, 1 ground floor and 5 floors.

On real estate websites, Fenix ​​Palace is being sold for 350 billion VND.

Regarding Duc Tien Gemstone and Jewelry Trading JSC, this enterprise was founded by Mr. Ngo Duc Tien (born 1962) in 2004, with registered headquarters in Ben Thanh Ward, District 1, Ho Chi Minh City, with Mr. Nguyen Dinh Thuc as General Director.

Not only is the debt of nearly 500 billion VND at Agribank currently unpayable, last May the Hanoi Stock Exchange also announced information about Duc Tien's delay in paying the principal of the bonds.

Specifically, October 15, 2022 is the maturity date for repayment of the principal of 500 billion VND of bonds of Duc Tien Gemstone and Jewelry Trading Joint Stock Company. However, this enterprise has not paid yet for the reason of "not being able to arrange capital sources".

Bonds issued on October 15, 2021, maturity on October 15, 2022, face value VND 500 billion, interest rate 12%/year.

Selling a series of debts of Tan Hoang Minh, the headquarters was rented as collateral to borrow 300 billion VND. From the headquarters lease contract, Tan Hoang Minh used it as collateral for at least 4 companies in the ecosystem to borrow capital with a total outstanding debt of nearly 300 billion VND.

Source: https://vietnamnet.vn/dai-gia-vang-bi-ngan-hang-rao-ban-khoan-no-gan-500-ty-dong-2219240.html