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The owner of the Dam Vac golf course project has a bad debt of more than VND 800 billion at Oceanbank

Ocean Bank Limited (OceanBank) has just announced the auction of a debt of more than VND 800 billion of the Urban Development and Construction Joint Stock Company (CUD) to recover the debt.

Urban Development and Construction Joint Stock Company (CUD) is the investor of the investment project to build Dam Vac golf course (trade name Heron Lake Golf Course) and Mau Lam Dam Vac Villas (Times Garden) Vinh Yen Residences) in Vinh Phuc province.

According to the notice, the auctioned asset is a bad debt of CUD arising under the Credit Limit Contract No. 01.01/099/HDTD-OJB dated August 7, 2007 between Ocean Commercial Joint Stock Bank (now renamed as the Bank). Ocean Trading One Member Limited Liability Company) and CUD.

The owner of the Dam Vac golf course project has a bad debt of more than VND 800 billion at OceanBank
OceanBank auctioned a debt of more than VND 800 billion of Urban Development and Construction Joint Stock Company, the investor of the investment project to build Dam Vac golf course and Mau Lam Dam Vac garden villa (Vinh Phuc province). to collect debt

Total temporary debt obligations by the end of the scheduled auction date (April 7, 2022) is nearly VND 808 billion. In which, the principal debt is more than 229.8 billion dong and the total interest and penalty is 578.1 billion dong.

The collateral for the debt is the entire property attached to the land, which has been, is or will be formed, including but not limited to golf courses, club works, hotel project 5-star, internal traffic system, parking lot, golf course maintenance area, other ancillary works… attached to a land area of ​​503,200m2 under the use right of CUD for a period of up to March 3. 2/2054 at the address of Thanh Tru commune, Vinh Yen town, Vinh Phuc province was granted a certificate of use right number AB 933710, number entered in the book of land use right certificate T00129/QSDD/404/QD-UB dated February 3, 2005 by Vinh Phuc Provincial People’s Committee on December 26, 2006.

The above land area was granted Decision No. 3349/QD-UB by the People’s Committee of Vinh Phuc province on September 22, 2004 approving the investment project to build Dam Vac golf course and Mau Lam Dam Vac villas and gardens. Vinh Yen town and Decision No. 499/QD-UBND dated February 18, 2013 of the People’s Committee of Vinh Phuc province approving the adjustment of detailed construction planning at the scale of 1/2000 golf courses and villas and garden houses. Mau Lam – Dam Vac, Vinh Yen city (1st time).

The starting price of the above-mentioned asset auction offered by OceanBank is VND 807.9 billion. The auction will be held at 10:00 a.m. on April 7, 2022 at the Center’s headquarters, 2 Quang Trung Street, Yet Kieu Ward, Ha Dong District, Hanoi.

Related to Debts and collateral of the Contract, according to the 2016 financial report audited by TTP Auditing Co., Ltd. stated: “On November 26, 2009, the Prime Minister issued Decision No. TTg on: Approving the golf course plan until 2020. Accordingly, CUD’s project is required to separate golf course activities independently from urban areas. Therefore, CUD used the assets of the golf course to contribute capital to a new legal entity to operate the golf course (Dam Vac Resort and Golf Course Joint Stock Company).

“CUD shareholders have agreed to establish a new legal entity to manage and exploit the golf course under the guidance of the People’s Committee of Vinh Phuc province. After the new legal entity was established, the old and new shareholders at CUD exchanged their shares in CUD for shares of Dam Vac Golf Resort Joint Stock Company. With this share swap, at CUD, there was a debt receivable from the swapping shareholders to shareholders of Dam Vac Resort and Golf Course Joint Stock Company with the amount of VND 276.7 billion.

According to OceanBank, CUD has brought all its collateral to contribute capital to Dam Vac Resort and Golf Course Joint Stock Company and has transferred all of its capital contribution shares in Dam Vac Resort and Golf Course Joint Stock Company. Cauldrons for other organizations and individuals. This is a violation of CUD not to properly perform the obligations of the Mortgagor. OceanBank asked CUD to return the collateral to its original state, but the company has not been able to do so so far.

Joint Stock Company Resort and Dam Vac golf course was established in December 2011, currently led by Mr. Vu Duy Thanh as Director and legal representative. The registered office of the company coincides with the address of the Urban Development and Construction Joint Stock Company at Dinh Am street, Khai Quang ward, Vinh Yen city, Vinh Phuc province.

Mr. Thanh is also one of the important personnel in the ecosystem of My Way Group (a corporation operating in the field of restaurants and real estate in Quang Ninh, Hanoi and Hue), a founding shareholder of the company. CLUBM Sports and Entertainment Joint Stock Company, My Way Vietnam Joint Stock Company. Mr. Thanh is still holding his name at My Way Food and Beverage Joint Stock Company.

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