VietinBank offered to sell 100 billion dong of bad debt of Royal Vietnam Investment JSC
VietinBank offered to sell nearly 100 billion dong of debt of Royal Vietnam Investment Joint Stock Company. This company used to ‘get involved’ with many scandals related to environmental pollution and brand piracy.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) – Hung Yen branch announced to offer to sell the debt of Royal Vietnam Investment JSC to handle debt collection.
VietinBank said that the book value of debt of Royal Vietnam Investment Joint Stock Company as of September 1 was nearly 98.7 billion. In which, principal balance is nearly 71 billion dong and interest debt is more than 27.7 billion dong.
The collateral of the debt is all machinery, equipment and assets attached to the land at Tan Dan commune, Khoai Chau district, Hung Yen province. The total leased land area is 122,434 m2. Land lease pay annually, the lease period is from May 13, 2010 to October 15, 2028.
Previously, the bank also offered to sell this debt many times, but all failed.
Not only VietinBank, at the end of 2018, Agribank also once offered to sell the bad debt of more than 133 billion dong of Royal Vietnam Investment JSC.
The collateral for the debt at Agribank includes machinery and equipment for production; car; inventory and all items, construction works on land of Vu Hai Trading and Production Co., Ltd in Ban town, My Hao district, Hung Yen province.
According to the author’s research, Royal Vietnam Investment Joint Stock Company is located in Tho Binh village, Tan Dan commune, Khoai Chau district, Hung Yen province. The company was established in 2005 with a charter capital of 68 billion VND. Operating in the field of manufacturing ceramic tiles, roofing tiles, ceramic chimneys and ceramic sanitary ware.
The legal representative of the company is Mr. Nguyen Duc Toan (born 1959), Chairman of the Board of Directors.
Notably, in 2016, the company suddenly increased its charter capital from 68 billion to 268 billion.
Royal Vietnam Investment Joint Stock Company (Source: VTV)
Before being tightened by VietinBank and Agribank, Royal Vietnam Investment Joint Stock Company was also “stuck” with a lot of scandals related to environmental pollution production and brand piracy activities of other companies.
Specifically, in 2017, the Institute of Criminal Science in Ho Chi Minh City concluded that ceramic tiles and “ROYAL” branded packaging products of Royal Vietnam Investment JSC were counterfeit ceramic tiles and packaging branded “ROYAL” by Hoang Gia Ceramic Company Limited.
Also in 2017, hundreds of people who grow orange, pomelo, longan around the factory area of Royal Vietnam Investment Joint Stock Company also sent a report to the authorities on the state of smoke and dust in the production process of the company. This company, having polluted the environment, caused damage to people’s cultivated areas.
Source: vietnambiz.vn – Translated by fintel.vn
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