FLC Group loans are lawful, safe: Sacombank

Sacombank’s head office in HCM City’s District 3. FLC Group loans at Sacombank are legally compliant and safe. — Photo courtesy of the bank

HCM CITY — Its loans to FLC Group Joint Stock Company are legally compliant and safe, Sacombank has said.

The announcement follows the arrest of Trịnh Văn Quyết, the company’s chairman, on March 29 for “manipulating the stock market” and “hiding information about securities activities,” and apprehension would affect the bank since FLC is a borrower.

In 2021, Sacombank lent to group companies, including Bamboo Airways, as part of the Government’s policy to stimulate tourism and airlines to help them recover from the impacts of the COVID-19 pandemic.

But all the loans are backed by mortgages, the bank said.

The company is operating normally and promptly meeting its debt repayment obligations, and in case of any risk, it would proactively take measures to recover the debts, Sacombank added. — VNS