The old house of tycoon Huy 'the engine' auctioned off without a buyer

Da Nang After the first unsuccessful auction, Agribank continued to sell the old house and two other assets of Mr. Le Ba Huy to recover 246 billion VND.

On January 3, the Bank for Agriculture and Rural Development of Vietnam (Agribank) Nam Da Nang branch announced the auction of the debt of Southern Machinery Installation Service and Trading Company Limited, headquartered in Hoa Khanh Industrial Park, Lien Chieu District, with Mr. Le Ba Huy (Huy "machinery") as director.

The auctioned assets are land use rights and assets attached to land of more than 2,293 m2 at 404 Dien Bien Phu (Thanh Khe district); two other mortgaged assets of this Company at Hoa Khanh Industrial Park (Lien Chieu district).

In mid-December 2023, the bank put it up for sale for the first time but it failed due to lack of participation. This time, the starting price remained the same at over VND246 billion.

A corner of Mr. Huy's old house at 404 Dien Bien Phu, Da Nang, is being auctioned by the bank to recover bad debt. Photo: Nguyen Dong — A corner of Mr. Huy "the engine"'s old house at 404 Dien Bien Phu, Da Nang, is being auctioned by the bank to recover bad debt. Photo: *Nguyen Dong*

The debt of the Southern Installation Company has been in bad debt for many years. The bank has repeatedly urged Mr. Huy to pay the principal and interest but has failed. According to Agribank, the debt of Mr. Huy "the engine" as of June 29, 2023 is more than 355 billion VND. Of which, the principal balance is more than 133 billion VND and more than 3.7 million USD and the interest debt is more than 75 billion VND and 2.4 million USD.

Interest will continue to accrue from June 30, 2023 until Mr. Huy's Company has fully paid off the principal and interest of the loan at Agribank Nam Da Nang branch.

Southern Machinery Installation Trading and Service Company Limited operates in the business of installing all kinds of agricultural and fishery machinery, operating restaurants, wine and beer; processing and wholesaling surgical machines, excavators, trading in electrical appliances... Because he started his business by trading in diesel engines, Mr. Huy has the nickname Huy "diesel engine".

At 404 Dien Bien Phu, Mr. Huy opened a coffee shop and restaurant called Khong Gian Xua. The value of the land and architecture of this area was once introduced by him as more than 650 billion VND. The shop is arranged in an L shape on an area of 5,000 m2, inside there are a pair of dragons made of monolithic stone, natural stone statues, antiques, ancient trees...

Nguyen Dong

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