The Bank of Investment and Development, North Hanoi Branch has allowed Long Son Shipping and Trading JSC to sell its Venture Dock 2 floating dock to settle its debts.
In a document sent to the Maritime Administration of Nha Trang, the bank said Long Son Shipping and Trading JSC used the USD11.5 million dock, which has been left unused at Cam Ranh Bay since August 2008, as collateral to pay the firm’s overdue debt to the bank.
The dock is expected to be sold to pay the debt in August this year because its value is declining.
However, the Maritime Administration of Nha Trang said, in March this year, the Civil Judgment Execution Board of Binh Thanh District sent a document requiring not to permit the removal of Venture Dock 2 to ensure the civil judgement between Long Son and two other firms is enforced.
The administration also disclosed that Long Son Shipping and Trading JSC owed it a total docking fee of over USD24,300 for Venture Dock 2. The administration added that, to date, the company has not yet contacted it for import procedures for the dock. The procedure would take 180 days dating from April 26 this year.