Trinh Van Quyet’s Rolls-Royce fails to sell in 3 auctions

The four-seater car, which was custom-made for former FLC chairman Trinh Van Quyet, will be auctioned at the starting price of over VND9.1 billion ($366,160) on Nov. 25, down 9% from the first auction in early October.

In the last three auctions no one put down a 20% deposit to join the auction.

The car is legally owned by lender BIDV. The bank took it from FLC Faros, a construction company under FLC, as it failed to pay nearly VND186 billion in debt and interest.

The FLC Albatross yacht will also be auctioned for the third time on Nov. 30 at the starting price of VND33.64 billion, down 5.9% from the first auction.

The yacht, capable of carrying 12 passengers, was built in Poland in 2017. It was used as collateral for FLC’s debt at BIDV.

Another Rolls-Royce of Quyet, a Phantom priced from VND28 billion, failed to attract any buyer in its first auction.

FLC-related assets are being sold in droves as Quyet and two of his sisters are being investigated for fraud following their arrest for alleged stock market manipulation in March and April.