OceanBank continues to deliver and sell CUD's golf course in Vinh Phuc

DNHN - Recently, Ocean Commercial One Member Limited Liability Bank (OceanBank) continued to sell a debt of more than VND 800 billion with the collateral as a golf course of the Urban Development and Construction Joint Stock Company (CUD) in Vinh Yen city.

According to OceanBank's announcement, the starting price this time for CUD's collateral is more than VND 658 billion, down more than VND 150 billion compared to the first sale in March 2022.

CUD's bad debt at OceanBank arose under a credit contract from August 2007. Total temporary debt obligations as of the end of April 7, 2022 is nearly VND 808 billion, of which the principal is more than VND 229.8 billion and the total interest and penalty is up to VND 578.1 billion.

Accordingly, the collateral for the above debt is all assets attached to more than 50 hectares of land under the use right of CUD within the period until February 3, 2054 in Thanh Tru commune, Vinh Yen town, Vinh Phuc province. Land-attached assets include assets that have been and are being or will be formed in the future, including golf courses, club buildings, 5-star hotel buildings, internal transportation systems, parking lots, areas maintenance of golf courses and other ancillary works.

It is known that the Dam Vac golf course project and the Mau Lam Dam Vac villas and gardens were approved by the People's Committee of Vinh Phuc Province for CUD as the project investor in Decision No. 3349/QD-UB dated September 22, 2004. On February 18, 2013, the People's Committee of Vinh Phuc province issued Decision No. 499/QD-UBND approving the adjustment of detailed construction planning at the scale of 1/2000 golf courses and Mau Lam villas and gardens - Dam Vac, Vinh Yen city (1st time).

On November 26, 2009, the Prime Minister issued Decision No. 1946 on approving the golf course planning up to 2020. In which, CUD's project is subject to the separation of golf course activities independently from that of the golf course. urban area. Therefore, CUD used the assets of the golf course to contribute capital to a new legal entity to operate, manage and exploit the golf course, with the name of Dam Vac Golf and Resort Joint Stock Company (Dam Vac Company).

After the new legal entity was established, the old and new shareholders at CUD converted their shares in CUD to shares of Dam Vac Golf Resort Joint Stock Company. In this share swap, at CUD, there was a debt receivable from 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 the 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 breach of CUD's failure to properly perform the obligations of the Mortgagor. OceanBank has asked CUD to return the collateral to its original state, but the company has not been able to do so so far.

Previously, in March 2022, OceanBank offered to sell CUD's Dam Vac golf course with a starting price of VND 807.9 billion. However, until now, after many times of selling, OceanBank has not been able to “value” the bad debt of 800 billion VND of CUD.

Dam Vac Golf Course is known for its 18 holes, meets international competition standards with a portable grandstand, is the official venue for golf at the Southeast Asian Games (SEAGAMES 31) taking place in May 2022.

Mai Hoang