SCB is preparing to auction real estate and clothes related to Ms. Truong My Lan

In an announcement on its website on March 16, Saigon Joint Stock Bank (SCB) said “resources are ready for asset handling” in the case of Ms. Truong My Lan – Chairman of Van Thinh Phat Group.

In this first round, SCB handled 8 asset codes (corresponding to 12 secured assets) and completed the legal basis for valuation and auction. These assets are assigned by the court to the bank for handling according to the signed mortgage contract.

The portfolio has many real estate properties such as offices, factories, warehouses, land… in Ho Chi Minh City and Tay Ninh (formerly Long An). The list also includes cars, trucks, machinery and equipment systems; More than 8,500 consumer products such as clothes, bags, fashion accessories of Saigon Galleria Company and more than 370,000 inventory items of Eurasia Concept Company.

SCB said it will divide the asset handling into two stages to ensure objectivity, transparency and compliance with regulations. First, the bank chooses a bidding consulting unit to support the survey, develop bidding criteria, prepare bidding documents and evaluate bids. In the following stage, the bank chooses an asset handling unit with valuation capacity and organizes a public auction.

Last year, SCB reviewed, classified, and implemented procedures to establish management and handling rights for 1,120 asset codes as declared in the judgment. The handling of assets is carried out under the supervision of the Supreme People’s Procuracy, the Police Department investigating corruption, economic and smuggling crimes (C03, Ministry of Public Security) and judgment enforcement agencies, to ensure the best recovery efficiency.

“The amount of work to be implemented is very large, complex and unprecedented. However, SCB is committed to taking steps publicly, transparently and in accordance with the law to maximize the recovery of the parties’ compensation obligations according to the legally effective judgment,” SCB’s notice dated March 16 read.

During the appeal trial at the end of 2024, Ms. Truong My Lan once proposed to release the distraint of many assets such as real estate at 24 Le Loi (old district 1), 21 Tran Cao Van (old district 3), 19-25 Nguyen Hue (district 1), 9 real estate properties that are headquarters of companies under the Van Thinh Phat Group, a yacht… because they did not belong to her. However, the court determined that these assets belonged to Ms. Lan, so they continued to be distrained to fulfill the compensation obligation in the case.

Earlier this year, Ho Chi Minh City Civil Judgment Enforcement auctioned Ms. Lan’s yacht The Reverie Saigon with a starting price of 52.4 billion VND. However, after two sales with no buyers, the starting price was adjusted down to 46.8 billion VND.