Agribank continues to auction the debt of an automobile business

Vietnam Bank for Agriculture and Rural Development ( Agribank ) Branch 7, Ho Chi Minh City has just announced to continue auctioning more than 2.48 million shares of Tracimexco Automobile Manufacturing and Manufacturing Joint Stock Company according to the Criminal Appeal Judgment No. 585 dated October 24, 2016.

Of these, 717,865 shares are owned by Bao Toan Auto JSC in Hanoi ; the remaining 1.77 million shares are owned by Mai Khoi Trading LLC. According to Agribank, the bank has been holding the original certificate since July 21, 2011.

However, on June 30, 2014, Mai Khoi Trading Company Limited transferred 1,770,937 shares to Tracimexco Human Resources Investment and Development Joint Stock Company but has not yet transferred the name or issued a certificate of ownership of these shares.

The above assets are 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.

The potential risk is that currently, Tracimexco's business registration certificate has been revoked on March 19, 2020 by the Business Registration Office - Department of Planning and Investment of Bac Kan province.

In addition, through unofficial and unverified information sources, the owner of the auctioned assets and the auction organizer assess the possibility of potential legal risks related to the auctioned assets such as: Tracimexco may have to carry out dissolution procedures due to the revocation of the business registration certificate, the Company's debts to related parties, tax debts and financial obligations to be performed with state agencies....

Finance - Banking - Agribank continues to auction the debt of an automobile business

Agribank cannot foresee these potential risks and is not responsible for resolving them.

Currently, Agribank Branch 7 does not keep the original Certificate of Share Ownership in the name of Bao Toan Auto JSC and handles these shares according to the judgment and decisions of the enforcement agency.

In case of agreeing to participate in the auction, it means that the auction participant has reviewed the auction property documents and accepts the legal status and potential risks of the auction property according to its actual status as well as accepts all risks for purchasing the auction property.

Auction participants commit not to complain, sue and have no similar legal forms regarding the property auction as well as other contents related to the property auction;

In case of winning the auction, Tracimexco will support the implementation of share transfer procedures for the winning bidder according to the content of Official Dispatch No. 18 dated July 6, 2022 of the company.

At this auction, Agribank set the starting price for 2.48 million shares at VND8.5 billion, down VND21.7 billion from the VND30.2 billion offered at the beginning of the year. The deposit was VND854 million and the step price was VND100 million.

The auction will be held at 8:30 a.m. on December 29, 2023 at Van Thanh An Joint Stock Auction Company - Address: No. 3 Ly Van Phuc, Tan Dinh Ward, District 1, Ho Chi Minh City.

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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