Agribank to sell Lifepro Vietnam’s assets at just US$16.4 million

By Minh An - Dec 27, 2017 | 11:12 AM GMT+7

TheLEADEROn December 29, Agribank will auction assets related to Lifepro Vietnam Joint-Venture Company (Lifepro Vietnam) which has caused the loss of nearly VND2.500 trillion (US$110 million) and many staffs of Agribank's South Ha Noi branch to be imprisonment.

The assets to be auctioned include all clothing materials, semi-finished and finished garment products in the warehouse, all equipment, architectural items, technical infrastructure… attached to the land of Lifepro Vietnam.

The entire plant is located in the Gian Khau industrial park, Gia Vien district, Ninh Binh province.

Lifepro Vietnam’s assets are offered at the starting price of VND371.69 billion (US$16.4 million). The winner shall pay tax and fee for transferring owner’s name and legalizing the documents in accordance with the provisions of law.

Lifepro Vietnam is the owner of Luxfashion project regarding production and export of fashion products and fire safety suits. Its total initial investment was reported up to US$300 million.

However, by the middle of 2012, after investing in a number of projects, Lifepro Vietnam suddenly stopped it business and the foreign director returned home. At that time, the company had been disbursed trillions of VND by Agribank's South Ha Noi branch.

The case was later identified by the Government Inspectorate as one of the serious corruption cases conducted by Pham Thi Bich Luong, Director of Agribank's South Ha Noi branch and associates.

Then, the appellate court took place in late 2016, determining the loss of VND2,488 billion (US$109.7 million) and forcing defendants to make joint compensation.

Some images of Lifepro Vietnam: