Bank proceeds Trinh Van Quyet’s Rolls-Royce foreclosure

The red car produced in 2011 in the U.K. made its debut in Vietnam in 2013, registering its license plate in mid-2018.

The car serves as collateral for the credit contract between FLC Faros Construction Joint Stock Company under FLC Group and BIDV.

As of the end of February, FLC Faros had overdue debts of nearly VND186 billion ($7.9 million), including the original debt of VND177 billion.

BIDV said FLC Faros and the collateral’s owner, FLC Homes Real Estate Development and Investment Joint Stock Company, did not voluntarily pay the debt, so it had to seize the collateral.

BIDV will seize the luxury car at the headquarters of FLC Group and auction it publicly.

The loan accounted for about 3% of FLC Faros’ total outstanding loans. FLC Faros currently owes approximately VND5.9 trillion ($245.83 million), including some VND1.1 trillion in bank loans.

Shares of FLC Flaros were delisted from the Ho Chi Minh Stock Exchange on Sept. 5 for failure to file disclosures in time. The company has not submitted its first and second quarter earnings reports and has not held its annual general meeting for this year.

Former FLC group chairman Trinh Van Quyet and two of his sisters are being investigated for fraud following their arrests for alleged stock market manipulation in March and April.