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Auctioning a debt of more than VND 800 billion of the “owner” of Dam Vac golf course

OceanBank announced to auction the debt of more than 800 billion VND of the investor of the investment project to build Dam Vac golf course and Mau Lam Dam Vac garden villa (Vinh Phuc) to recover bad debts.

According to OceanBank One Member Limited Company (OceanBank), the auctioned asset is a bad debt of the Urban Development and Construction Joint Stock Company (CUD) – the investor of the investment project to build Dam Vac golf course and the golf course. garden villa in Mau Lam Dam Vac (Vinh Yen town, now Vinh Yen city), Vinh Phuc province) arising under the credit line contract No. 01.01/099/HDTD-OJB dated 7/8/2007 between OceanBank and CUD.

Auctioning a debt of more than VND 800 billion of the owner of Dam Vac golf course - 1

Dam Vac Golf Course (also known as Heron Lake Golf Course and Resort) (Photo: golfhomes).

The total temporary debt obligation by the end of the expected auction date (April 7) 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 all assets attached to the land that have been, are or will be formed, but are not limited to golf courses, club buildings, 5-star hotels, internal transportation systems, etc. parking lot, golf course maintenance area, other ancillary works… attached to the land area of ​​503,200 m2 under the use right of CUD within the period until February 3, 2054 at the address Thanh Tru commune, Vinh Yen town, Vinh Phuc province.

The above area 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 issued by the People’s Committee of Vinh Phuc province on February 26, 2005. 12/2006.

The above land area was granted Decision No. 3349/QD-UB by Vinh Phuc Provincial People’s Committee dated 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 time to hold the auction is at 10:00 a.m. on April 7 at the Center’s headquarters, 2 Quang Trung Street, Yet Kieu Ward (Ha Dong, Hanoi).

Regarding the debt and security assets 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. 1946/QD-TTg on “Approval of golf course planning 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 Vinh Phuc Provincial People’s Committee. After the new legal entity was established, the old and new shareholders at CUD exchanged shares at CUD for shares of Dam Vac Golf Resort Joint Stock Company. With this share swap, CUD has incurred 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.

Dam Vac Resort and Golf Course Joint Stock Company 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.

Also 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 Joint Stock Company of Resorts and Golf Courses. Dam Vac golf course for other organizations and individuals. This is a violation of CUD not to properly perform the obligations of the Mortgagor.

Therefore, OceanBank asked CUD to return the collateral to its original condition, but so far the company has not been able to do so.

(According to Dan Tri)

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