A resort of FLC Group in the central province of Quang Binh.

Three loan agreements were signed within one day under which National Citizen Bank (NCB) agreed to provide loans worth VND1.2 trillion to the FLC Group. The mortgaged asset was 32.5 million shares of Bamboo Airways (BAV).

In 2020, the FLC Group signed a many loan agreements with high value. NCB alone agreed to lend VND4 trillion. NCB is one of the biggest creditors for FLC. 

OCB is also a creditor of FLC Group. On June 3, 2020, OCB signed two agreements on lending VND107 billion to FLC, secured by 3 million BAV shares.

As for the agreement on lending VND560 billion signed on November 3, 2020, the mortgaged assets were the property rights and benefits related to FLC Quang Binh Golf Links, a golf course developed by FLC.

Meanwhile, Sacombank Quang Ninh on May 15, 2021 signed a contract on lending VND315 billion to FLC. The mortgaged asset was the earnings from the development of FLC Ha Long project.

Most recently, on March 18, 2022, Sacombank Hanoi accepted 20 million BAV shares as the collateral for a loan to FLC Group. The total value of the secured asset is VND200 billion.

FLC’s finance report showed that as of December 31, 2021, FLC’s short-term loans and finance leasing value had reached 2 trillion, while long-term loans and finance leasing value was VND4.1 trillion.

Agribank, BIDV and VietinBank are also creditors for the FLC Group. 

Tran Chung

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