Saigon Commercial Joint Stock Bank (SCB) is moving forward with plans to value 13 collateral assets associated with Truong My Lan, chairwoman of Van Thinh Phat Group. These assets, comprising 12 properties located in Ho Chi Minh City and Tay Ninh, are slated for public auction as part of the extensive Van Thinh Phat Group case, which involves 1,120 collateral assets. SCB indicated that these specific assets are independent, possess complete legal mortgage documentation, and are readily transferable and salable.
Many of the properties awaiting valuation are situated in central Ho Chi Minh City, at prominent addresses such as 22 Le Loi, 15 Ngo Duc Ke, and 202-204 Pasteur. SCB noted that several of these sites are currently closed, while others are leased to third parties for offices, food and beverage businesses, or parking facilities.
Valuation is a critical step in the process of handling mortgaged assets to recover debt, as it determines the starting price for auction. SCB emphasized that the entire asset handling procedure is conducted under strict supervision. This oversight ensures optimal recovery efficiency and involves the Supreme People's Procuracy, the Investigation Police Agency of the Ministry of Public Security, and civil enforcement agencies.
The 1,120 collateral assets within the case secure 1,243 loans extended by SCB to Truong My Lan. At the time of the initial trial, the outstanding debt for these loans amounted to 673 trillion VND.
In March, SCB had previously announced its readiness with resources for asset handling in this case, despite the substantial, complex, and unprecedented workload. During that period, the bank processed eight asset codes, corresponding to 12 collateral assets. These included land, clothing, and fashion accessories belonging to companies linked to Ms. Lan.
The asset handling process is structured into two stages to ensure objectivity, transparency, and compliance. The first stage involves selecting a consulting firm to assist with surveys, criteria development, tender invitation, and bid evaluation. In the second stage, SCB will choose an asset processing unit capable of conducting both valuation and public auction.
Beyond the corporate assets, Truong My Lan's personal belongings, such as Hermes handbags and cars, have also been put up for auction by enforcement agencies. While some of these items sold for prices significantly higher than their initial bids, others required multiple price reductions and are awaiting re-auction.
Phuong Dong
