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Disgraced property developer’s loans worth $12.6M to be sold by Agribank

By Anh Tu   September 27, 2023 | 05:31 am PT
Disgraced property developer’s loans worth $12.6M to be sold by Agribank
An artist's impression of Tan Hoang Minh's headquarters in Hanoi. Photo courtesy of Tan Hoang Minh
Agribank is auctioning four debts worth a combined VND307 billion ($12.6 million) owed by property developer Tan Hoang Minh’s subsidiaries, all collateralized by rents from a building it owns.

The loans were obtained by four companies related to Tan Hoang Minh, which has been struggling since last year when its chairman Do Anh Dung was arrested for alleged fraudulent misappropriation of assets.

They were given against long-term lease contracts at Tan Hoang Minh’s seven-floor headquarters in Hoan Kiem District, Hanoi.

Loans and other receivables are packaged and sold through a process known as securitization.

Last month Agribank also looked for buyers to sell nearly VND500 billion worth of debts owed by seven companies related to Tan Hoang Minh.

They were backed by properties on Phu Quoc Island.

 
 
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