Trinh Van Quyet’s Rolls-Royce goes under the hammer

The car was placed as collateral for the credit contract between FLC Faros Construction Joint Stock Company under FLC Group and BIDV, according to Minh Phap Auction JSC.

BIDV had seized the car to settle the firm’s debt.

As of end February, FLC Faros had overdue debts of nearly VND186 billion ($7.9 million), including an original debt of VND177 billion.

The starting price of the Rolls-Royce is equivalent to just 5% or so of FLC Faros’ overdue debt at BIDV.

The auction will be held at Minh Phap JSC’s headquarters in HCMC’s Phu Nhuan District on October 24.

Those participating in the auction must make pre-order deposits of VND2 billion, equivalent to 20% of the starting price.

The red car, produced in 2011 in the U.K., made its debut in Vietnam in 2013, registering its license plate in mid-2018.

Shares of FLC Flaros were delisted from the Ho Chi Minh Stock Exchange on Sept. 5 for failure to file disclosures in time. The company has not submitted its first and second quarter earnings reports; and has not held its annual general meeting for this year.

Former FLC group chairman Trinh Van Quyet and two of his sisters are being investigated for fraud following their arrests for alleged stock market manipulation in March and April.