Many companies related to Tan Hoang Minh are being put up for sale with common debt and mortgaged assets.

Agribank Trang An Branch has just continued to announce the sale of debts related to companies in the Tan Hoang Minh ecosystem.

That is the receivable debt of THM Thinh Vuong Real Estate Investment Company Limited (THM Thinh Vuong), which is being sold by Agribank with a starting price of VND 85,637 billion.

THM Thinh Vuong is registered at 24 Quang Trung, Hanoi (headquarters of Tan Hoang Minh Group). This company is one of the legal entities in the Tan Hoang Minh ecosystem and is chaired by Mr. Tran Hong Son as Chairman of the Board of Directors and Director.

According to Agribank, the collateral for THM Thinh Vuong's loan is the property of a third party, which is the property right arising from the long-term and irrevocable lease contract of the office building and headquarters of the National Political Publishing House - Truth, No. 24 Quang Trung of Tan Hoang Minh Hotel Service Trading Company Limited (Tan Hoang Minh Group).

devastated minh.jpg — *Building 24 Quang Trung, which Tan Hoang Minh rented as its headquarters. (Photo: Tuan Nguyen).*

The mortgaged property is the above-mentioned arising property right that is also approved by Agribank Trang An for another enterprise in the Tan Hoang Minh ecosystem to use as mortgaged property, which is Bac Ha Development Investment Company Limited (Bac Ha Company).

The debt of this company has a starting value of 50.30 billion VND. Bac Ha Company is directed by Mr. Vu Manh Hung.

Not stopping there, the collateral is the property rights arising from the above-mentioned Lease Contract, which is also mortgaged to the bank by another Tan Hoang Minh enterprise, Phu Thanh Construction Investment Joint Stock Company (Phu Thanh Company). The debt of this enterprise has a starting price of 69 billion VND.

Notably, the property rights arising from the above contract were also mortgaged by Tan Hoang Minh for the loan of Ngoc Vien Dong Real Estate Investment Joint Stock Company at Agirbank Trang An Branch. Ngoc Vien Dong's debt is also being put up for sale by this bank with the estimated debt value as of August 31, 2023 being VND 81,709 billion.

Thus, just the property rights arising from the headquarters lease contract of Tan Hoang Minh, this group has used as collateral for at least 4 companies in the ecosystem to borrow capital with a total outstanding debt of nearly 300 billion VND.

In addition, Tan Hoang Minh, through its subsidiaries, also used the resort projects Hoang Hai Phu Quoc complex and Thien Bao Phu Quoc tourist area as collateral for trillion-dollar loans at Agribank Trang An.

In addition to Tan Hoang Minh, Agribank Trang An is also selling the debt of Khang Phong Construction and Trade Investment Joint Stock Company (Khang Phong Company) with a starting price of up to 105 billion VND.

The asset securing Khang Phong's debt is a land use right in Binh Thuan, a property right arising from a land lease contract between the lessor, the People's Committee of Binh Thuan province, and Trung A Tourism Services JSC.

It is known that Khang Phong Company is headed by Mr. Cao Tan Thanh as General Director. In addition, Mr. Thanh is also the legal representative at Thuan Phong Tourism Development Investment Joint Stock Company, and Trung A Tourism Services Joint Stock Company.

Source