Wednesday , June 7 2023

Auction price for Trinh Van Quyet’s Rolls-Royce has plunged by a third

The Rolls-Royce Phantom owned by Trinh Van Quyet, former FLC chairman, is being auctioned with a starting price of VND18.4 billion ($773,352), down 34% from three months ago when it was first put up for sale.

The car, which cost Quyet an estimated VND51 billion in 2015, was used as a collateral for a loan of FLC’s subsidiary FLC Land and was seized by lender Orient Commercial Bank.

Two other assets related to FLC, Quyet’s Rolls-Royce Ghost and the FLC Albatross yacht, have also failed to attract any buyers in previous auctions.

The Rolls-Royce Ghost has been put on the auction block six times without finding a buyer and its starting price has fallen 14% to VND8.6 billion.

The yacht has failed to attract a buyer after three auctions and its starting price has dropped nearly 7% to VND33.6 billion.

Quyet and two of his sisters are being investigated for fraud following their arrest for alleged stock market manipulation in March and April 2022.

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