No bids for multi-million dollar FLC yacht

Auction house Minh Phap announced that a second auction for the yacht will take place on November 21 in HCMC.

The yacht, FLC Albatross, was built in 2017 in Poland. It has been seized by lender BIDV as collateral for an unpaid FLC loan. It is the latest asset that has been seized from FLC and its subsidiaries after its chairman Trinh Van Quyet was arrested in March for alleged stock market manipulation.

The starting price for FLC Albatross will drop by VND1 billion to VND34.6 billion ($1.39 million). Bidders must make a deposit of VND3.46 billion, 10% of the starting price.

Before the yacht, Quyet’s Rolls-Royce Ghost also found no takers in the first action and the second one will be held on November 9, with its starting price lowered to VND9.7 billion ($390,000) from VND10 billion in the first.

Another Roll-Royce owned by Quyet will also be put up for auction on November 15. It was collateral for an FLC loan from the Orient Commercial Bank (OCB). The starting bid for this car has been fixed at VND28 billion ($1.12 million).