The bank sold Mr. Trinh Van Quyet's yacht to pay off debt.

(Dan Tri) - The FLC Albatross yacht was successfully sold for nearly 24 billion VND. After deducting expenses, BIDV collected the principal from the auction proceeds of nearly 23 billion VND.

The Board of Directors of FLC Group Joint Stock Company recently issued a resolution on transactions with a related party, FLC Faros Construction Joint Stock Company (ROS).

According to the report, FLC received a notice from the Vietnam Joint Stock Commercial Bank for Investment and Development ( BIDV ) in October 2024 that it had successfully sold the secured asset, the FLC Albatross yacht, for VND 23.65 billion. After deducting mandatory expenses, BIDV collected the principal from the auction proceeds of VND 22.8 billion.

FLC Albatross yacht with license plate HN-2014, owned by FLC, was mortgaged at BIDV Quy Nhon Branch. This is a Galeon 660 Fly model built in Poland in 2017, 21.95m long, 5.25m wide, with a capacity of 12 people and 4 bedrooms. This asset was seized by BIDV to handle bad debt and auctioned many times.

From the first auction in November 2022 with a starting price of 36 billion VND, by the 7th auction in January 2024 the price had dropped to 23,294 billion VND, nearly 13 billion VND lower than the original. However, after 7 auctions, the yacht still had no buyer and then the auction contract between BIDV Quy Nhon and Minh Phap Joint Stock Auction Company was liquidated.

This asset is associated with the debt settlement chain after former FLC Chairman Trinh Van Quyet was prosecuted and detained for the crimes of "manipulation" and "concealment of securities information", leading to a series of related assets being auctioned by banks to recover debt.

FLC Albatross yacht anchored in Thu Duc City while awaiting auction in November 2022 (Photo: Minh Phap).

In addition to the announcement of the successful sale of the yacht, FLC Group announced that it will continue to replace Faros Company to fulfill financial obligations and repay debts to the Bank for Agriculture and Rural Development ( Agribank ) with a total amount of 62.6 billion VND (including debts received from October 2024 to February 2025).

This debt will be repaid by Faros to FLC within a maximum of 36 months from the date of obligation arising according to a schedule of 5 installments.

Specifically, the first payment of VND 23.65 billion will be on October 21, 2024; the second payment of VND 10 billion will be on December 6, 2024; the third payment of VND 2 billion will be on December 31, 2024; the next payment of VND 2 billion will be on January 16, 2025, and the final payment of VND 24.95 billion will be on February 18, 2025.

Previously, in September 2022, BIDV Quy Nhon also seized the collateral, a 5-seat Rolls-Royce supercar with license plate 30F-187.88, of FLC Faros Company to settle the debt and auctioned it at a starting price of 10 billion VND.

In April 2023, this car was sold to a person in Dong Nai at the 6th auction with an undisclosed successful bid.

In addition to the above Rolls-Royce, another Rolls-Royce of Mr. Trinh Van Quyet was also seized by Orient Commercial Bank (OCB) to ensure debt collection for the loan of FLC Land Company.

This car was once sold by OCB for 28 billion VND, but was later transferred to a car showroom in Dong Nai for 16.6 billion VND in the 7th auction, which took place in May 2023.

Source: https://dantri.com.vn/kinh-doanh/ngan-hang-da-ban-duoc-du-thuyen-cua-ong-trinh-van-quyet-de-tru-no-20250906133841057.htm