Bank sells 2 FLC-related debts, starting price over 200 billion VND

(Dan Tri) - Two large debts secured by a series of real estate properties under the name of FLC Group were auctioned by the bank. The bank warned of legal risks and disputes related to these properties.

Agribank Tay Do branch (Hanoi) recently announced the auction of two large debts related to CFS Investment, Trade and Import-Export Joint Stock Company (stock code: KLF) and FLC Land LLC with a total starting price of more than VND200 billion.

The debt of CFS Investment, Trade and Import-Export Joint Stock Company has a starting value of more than 123 billion VND. As of May 6, the total outstanding debt of this enterprise is about 133 billion VND, including 99.5 billion VND in principal and more than 33.7 billion VND in accrued interest. The loan signed on March 12, 2021, is secured by 7 land use right certificates in Thanh Hoa , all in the name of FLC Group.

The second debt of FLC Land LLC has a starting price of more than 77 billion VND. The total outstanding debt as of May 6 is nearly 86 billion VND, including nearly 64 billion VND in principal and more than 22 billion VND in interest. The loan was signed on November 3, 2021, with 25 plots of land in Thanh Hoa, owned by FLC Group.

Agribank notes that the secured assets are sold in their current condition, without any commitment on quality or legal status.

A teller at a bank branch (Photo: Tien Tuan).

The bank also warned of a series of potential risks such as disputes between CFS Investment, Trade and Import-Export Joint Stock Company, FLC Land LLC, FLC Group and related individuals revolving around promises to buy, sell, transfer or mortgage assets in violation of regulations; unfulfilled tax and financial obligations; and the risk of internal conflicts regarding legal representatives.

CFS Import Export and Trade Investment Joint Stock Company, formerly Tan My Dinh Investment and Trade Services Joint Stock Company, was established in 2009. FLC Group began investing in the enterprise in 2010, after which the unit changed its name many times to FLC Golfnet, FLC Travel and FLC Global.

The company operates in real estate and tourism, was a level 1 airline ticket agent of Vietnam Airlines and owns 2 golf courses.

Meanwhile, FLC Land LLC was established in 2008. In June 2012, the enterprise was merged into FLC Group, becoming a one-member LLC 100% owned by FLC.

During the process of handling collateral, FLC Land had its high-value assets seized by the bank. For example, in 2022, Orient Commercial Joint Stock Bank (OCB) auctioned FLC Land's Rolls-Royce Phantom with a starting price of VND28 billion.

Source: https://dantri.com.vn/kinh-doanh/ngan-hang-rao-ban-2-khoan-no-lien-quan-flc-gia-khoi-diem-hon-200-ty-dong-20251118091319442.htm