Hai Ha Petro owes 3,900 billion VND as of December 2023
Báo Lao Động•14/01/2024
In addition to defaulting on tax debts exceeding 1.775 billion VND and owing BIDV Bank, Long Bien branch, Hanoi, 2.142 billion VND, Hai Ha Water and Land Transport Company Limited (Hai Ha Petro) is also known to owe another bank a sum of up to 3.900 billion VND (as of December 2023).
The headquarters of Hai Ha Water and Land Transport Company Limited is located in Diem Dien town (Thai Thuy district, Thai Binh province). Photo: Hai Ha Petro
Hai Ha Petro's total debt exceeds VND 6,698 billion. As of November 2023, Hai Ha Petro had credit relationships with five banks: Bao Viet Commercial Joint Stock Bank (BAOVIET BANK), Saigon - Hanoi Commercial Joint Stock Bank (SHB ), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) - Chuong Duong Branch, Vietnam Prosperity Bank (VPB), and Vietnam Investment and Development Bank (BIDV) - Long Bien Hanoi Branch. The total debt of Hai Ha Petro at these banks is over VND 6,698 billion, mostly overdue. According to documents obtained by Lao Dong newspaper reporters, Hai Ha Petro owes VND 2,142.118 billion at BIDV - Long Bien Hanoi Branch. Of this amount, VND 60.927 billion is long-term loan debt with a high risk of default. The total outstanding debt is VND 2,081.191 billion (with a potential loss of VND 501.261 billion and bad debt of VND 1,579.930 billion). Currently, BIDV - Long Bien branch in Hanoi is reportedly preparing to auction off dozens of marketable collateral assets of Hai Ha Petro to recover the debt.
The Hải Hà Petro fuel depot and its oil tankers have been sealed and placed under investigation since January 10th. Photo: Nam Hồng
Besides BIDV's Long Bien branch in Hanoi, as of December 23, 2023, Hai Ha Petro also had bad debts of VND 166.798 billion at the Vietnam Joint Stock Commercial Bank for Industry and Trade ( Vietinbank ) Chuong Duong branch. At SHB, Hai Ha Petro owed approximately VND 3,900 billion as of December 23, 2023, mostly overdue. The collateral for these loans included future assets, land titles, shares, and capital contributions. According to investigations by Lao Dong newspaper reporters, Hai Ha Petro used a wide range of assets, including movable and immovable property, as collateral for loans worth thousands of billions of VND at Saigon - Hanoi Commercial Joint Stock Bank (SHB). As of October 31, 2023, the company had used the following assets to secure its loans at this bank: 4 oil tankers of Hai Ha Petro worth over VND 1.177 billion; 500 million VND (savings passbook) deposit contracts issued by SHB; 30 futures contracts for imported raw materials and 46 futures contracts for domestically produced raw materials, totaling several trillion VND. The capital contributions of individuals in Hai Ha Water and Land Transport Company Limited were also mobilized and used as collateral for loans, including: nearly VND 305 billion contributed by Mr. To Van Tho and Mrs. Tran Thi Tuyet Mai; VND 8.640 billion contributed by Mr. Nguyen Manh Linh; and VND 96.576 billion contributed by Mrs. Tran Thi Thu Hang. In addition, there are many real estate assets registered under the legal entity of Hai Ha Petro, including: Land Use Right Certificates and ownership rights to the Ha Dong gas station in Hanoi; the Thanh Tri gas station in Hanoi; the Hai Ha Nghi Son fuel depot project; the import-export cargo terminal project in Lang Son province; plot number 44 in Chuoi village (Le Loi commune, Gia Loc district, Hai Duong province); plot number 624 in An Hong commune (An Duong district, Hai Phong); and plot number 31 at 172-172A Nguyen Dinh Chieu (Ward 6, District 3, Ho Chi Minh City), with a total estimated value of nearly 500 billion VND. In addition, 15,000 shares issued by Central Pharmaceutical Company No. 1 (Pharbaco) (code PBC), owned by Dai Hai Ha Petro One-Member Limited Company, and 20,000 Pharbaco (PBC) shares owned by Phap Van Agricultural Materials Joint Stock Company, with a total value of over 423 billion VND, were also used by Hai Ha Petro as collateral for loans at SHB. Specifically, the 15,000 PBC shares owned by Dai Hai Ha Petro One-Member Limited Company are valued at 185.193 billion VND; and the 20,000 PBC shares owned by Phap Van Agricultural Materials Joint Stock Company are valued at 246.924 billion VND. In the latest development concerning Hai Ha Petro, on January 12th, the Ministry of Industry and Trade issued Decision No. 63/QD-BCT revoking the Certificate of Eligibility to act as a primary petroleum trading entity for Hai Ha Water and Land Transport Company Limited (Hai Ha Petro, head office located at 132, Zone 6, Diem Dien Town, Thai Thuy District, Thai Binh Province).
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