FLC yacht price drops 36% at seventh auction

By Anh Tu   January 22, 2024 | 09:00 pm PT
FLC yacht price drops 36% at seventh auction
Inside the FLC Albatross yacht which is being auctioned in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
After six failed attempts due to lack of bidders, lender BIDV plans to again try and auction a yacht belonging to embattled company FLC.

The FLC Albatross will have a reserve price of VND23.2 billion (US$944,047), 36% less than last time.

The state-owned lender will hold the auction in HCMC on Jan. 29.

The yacht, used as collateral by FLC for its loans, first went under the hammer last November at a reserve price of VND36 billion.

It was earlier owned by Trinh Van Quyet, the disgraced former chairman of FLC, who had bought it in 2018 for VND44 billion. He was arrested in March 2022 for stock market manipulation.

The FLC Albatross has four cabins and a bar and can accommodate 12 passengers.

Following Quyet's arrest, banks have seized many assets belonging to him and FLC, including two Rolls-Royce cars which were eventually sold last year after several unsuccessful attempts.

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