Sacombank continues to auction assets related to Mr. Pham Cong Danh

Global Group Auction Company has just announced the continued auction of assets at the request of Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) with a starting price of over VND 508 billion.

The property to be auctioned is a land lot with an area of 11,221 ^m2 for production and business, with a long-term use period. The property attached to the land includes a 3-storey building and a terrace, with a construction area of 5,644 m2 ^and a usable area of 6,413 ^m2 ... This property was updated to be transferred to Mr. Pham Cong Danh in June 2006.

In 2016, Mr. Danh was sentenced to 30 years in prison for fraud and intentionally violating state regulations on economic management, causing serious consequences. The Pham Cong Danh case is one of the economic cases that has shocked public opinion in many years.

The auction of assets related to Mr. Danh is scheduled to take place at 2:00 p.m. on August 30, at Sacombank Headquarters, 266-268 Nam Ky Khoi Nghia, Vo Thi Sau Ward, District 3, Ho Chi Minh City.

Regarding the obligation to pay taxes and fees related to the purchase of assets, the successful bidder shall pay all taxes, fees and costs arising from the transfer of assets, including income taxes from real estate transfer activities (if any).

Regarding bad debt settlement, Sacombank also auctioned the Xi Grand Court project at 256 - 258 Ly Thuong Kiet, District 10, Ho Chi Minh City, assets of Van Phat Real Estate Company, Kim Hoan My Company, Duc Ki Hu Mechanical Engineering Company Limited, Song Long Food Joint Stock Company, HNH Joint Stock Company.

According to Sacombank's second quarter 2024 financial report, the bank's bad debt is 12,500 billion VND, of which difficult-to-recover debt is more than 8,400 billion VND.