Saigon Commercial Bank (SCB) recently announced the status of collateral asset processing and debt recovery related to the case of Truong My Lan, chairwoman of Van Thinh Phat Group.
The bank stated it has established an independent management unit, reviewed and standardized data, and sent over 7,200 documents to functional agencies to establish management and processing rights for 1,120 asset codes.
These assets served as collateral for 1,243 loans of Ms. Lan at SCB. At the time of the first-instance trial, the outstanding debt for these loans was 673,000 billion VND.
To date, SCB has recovered and remedied debt obligations related to Judgment 157 and Judgment 1125, totaling 897 billion VND. These are the two criminal judgments involving Ms. Lan. For credit debt outside these judgments, the bank processed and recovered over 36,000 billion VND in principal, interest, and fees.
In a statement posted on its website on 9/9, SCB indicated that processing collateral assets for debt recovery is a top priority.
SCB previously assessed the volume of work involved in asset processing as extensive, complex, and unprecedented. The asset processing is divided into two phases. First, the bank selects a consulting firm to assist with surveys, criteria development, tender invitations, and bid evaluation. Subsequently, the bank chooses an asset processing unit capable of valuation and organizing public auctions.
For large-value assets with complex legal characteristics, SCB is completing the necessary procedures under the guidance and supervision of the State Bank of Vietnam, the Special Control Board, and various other agencies.
In mid-july, the bank sought a valuation organization for 13 collateral assets related to Truong My Lan, including 12 properties in Ho Chi Minh City and Tay Ninh. Soon, the bank will conduct an online auction for two commercial properties in the Sentosa City urban area in Da Nang, with a total starting price of 25 billion VND.
"Publicizing information and organizing collateral asset auctions are among the solutions implemented by the bank to accelerate asset processing, debt recovery, and optimize financial resources," SCB stated.
Phuong Dong
