Agribank Branch 7 (District 7, Ho Chi Minh City) has just continued to auction and lowered the starting price for the asset of 2.48 million shares of Tracimexco Automobile Manufacturing and Manufacturing Joint Stock Company (Tracimexco Automobile).
The starting price offered by Agribank is VND30.2 billion. This price does not include taxes, fees and other financial obligations as prescribed by law.
However, the legal documents of this batch of shares are quite complicated. Accordingly, in the notice of asset sale, Agribank stated that, according to the Criminal Appeal Judgment No. 585/2016/HS-PT dated October 24, 2016 of the High People's Court in Ho Chi Minh City, Agribank Branch 7 is entitled to handle all 2.48 million shares of Tracimexco Automobile.
Of which: 717,865 shares are owned by Bao Toan Automobile JSC in Hanoi (Bao Toan Company), more than 1.7 million shares are owned by Mai Khoi Trading Company Limited (Mai Khoi Company).
As for the 1.7 million shares owned by Mai Khoi Company, Agirbank Branch 7 is holding the original certificate since July 21, 2011.
However, on June 30, 2014, Mai Khoi Company transferred all of these shares to Tracimexco Human Resources Investment and Development Joint Stock Company (Tracimexco HRI).
Agribank and the auction organization cannot foresee the potential risks in this lot of shares, and are not responsible for the legal status of the auctioned assets.
Notably, these shares have not been transferred or granted a certificate of ownership to Tracimexco HRI.
According to the legal documents of the property, the stock ownership certificate, shareholder code 001 is in the name of Mai Khoi Company issued by Tracimexco Auto on March 2, 2010.
After the High People's Court in Ho Chi Minh City announced the criminal appeal judgment on October 24, 2016, in 2018 and 2019, respectively, the Civil Judgment Enforcement Office of Long Bien District ( Hanoi ) issued a decision to enforce the judgment, a decision to enforce the transfer of property ownership to Agribank Branch 7, forcing Bao Toan Company to transfer property ownership to Agribank.
According to Agribank's announcement, the assets put up for auction will be auctioned in their original condition (including the original condition of the assets, legal status and potential risks) and in the "as is" manner.
Auction participants are given the opportunity to view and learn about the auction property records that Agribank Branch 7 currently has, and are fully responsible when deciding to purchase the auction property.
In addition, Agribank said that, with unofficial and unverified information sources, the owner of the auctioned assets and the auction organizer assessed the possibility of potential legal risks related to the auctioned assets such as: Tracimexco Company may have to carry out dissolution procedures due to the revocation of its business registration certificate, the company's debts to related parties, tax debts and financial obligations to be performed with state agencies...
These potential risks cannot be foreseen by Agribank and the auction organization, and are not responsible for the quality and legal status of the auctioned assets.
Therefore, auction participants decide for themselves and are responsible for any risks that may arise (if any) after successfully auctioning the property.
Currently, Agribank Branch 7 does not keep the original Certificate of Share Ownership in the name of Bao Toan Company and handles these shares according to the judgment and decisions of the enforcement agency.
Auction participants shall review and self-determine the legal status and potential risks of the auctioned property based on its actual status and self-contact the relevant authorities to complete the property transfer procedures.
In case of winning the auction, Tracimexco Auto will support the procedures for transferring shares to the winning bidder.
According to research, Tracimexco Automobile Manufacturing and Manufacturing Joint Stock Company is an enterprise belonging to the ecosystem of Transport Import-Export and Investment Cooperation Joint Stock Company - Tracimexco.
Tracimexco was formerly an enterprise under the Ministry of Transport , and was a strong enterprise in the fields of import and export, international investment cooperation, automobile mechanics, and labor export.
Meanwhile, Tracimexco Human Resources Investment and Development JSC is a company specializing in labor export. After equitization in 2011, Tracimexco HRI inherited all labor export contracts of its parent company Tracimexco .
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