Homepage E-Paper 05-20-2019
Toll collection rights up for auction
Thursday,  4/18/2019, 18:30 

Toll collection rights up for auction

The Saigon Times Daily

The construction site of a road section from Vo Van Kiet Street to HCMC-Trung Luong Expressway. The HCMC branch of LienVietPostBank has put up for auction the right to collect toll fees for the road when it is in service - PHOTO: PLO

HCMC - The HCMC branch of LienVietPostBank has put up for auction the mortgaged asset of Yen Khanh Co., Ltd---the right to collect toll fees for a road section from Vo Van Kiet Street to HCMC-Trung Luong Expressway---to pay off its debts, Nguoi Lao Dong newspaper reported.

The director of Yen Khanh Co., Ltd, Vu Thi Hoan, was arrested in late November last year by the Criminal Investigation Office of the Ministry of National Defense.

According to LienVietPostBank, as of April 2, Yen Khanh Co., Ltd, owed the bank more than VND457 billion (US$19.7 million), including VND435 billion in principal and over VND21.9 billion in overdue interest.

The bank has filed a lawsuit against Yen Khanh Co., Ltd, with the District 1 People’s Court to request the settlement of the debt.

The value of the toll collection rights will be negotiated but will not be lower than the principal and interest at the time of the auction.

Organizations wishing to purchase the toll collection rights must make a full payment within five days from the signing of a transfer agreement between the two sides. 

Construction of the 2.7-kilometer road section began in October 2015 and was scheduled for completion within 20 months. However, the project is still underway.

The project requires more than VND1.55 trillion in funding, excluding the site clearance cost.

Share:
   
Others
>>Read more:
© 2012 - 2016 The Saigon Times.