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Nam A Bank has announced the seizure of five electric cars from Mai Linh Lao Cai to recover outstanding debt. The bank said the vehicles were registered to Mai Linh Lao Cai by the Lao Cai Provincial Police’s Traffic Police Department and are pledged as collateral for the company’s entire loan facility.
According to the bank’s notice, the five electric vehicles are secured assets under Mai Linh Lao Cai’s loan. Following the seizure, the bank stated that the vehicles will be auctioned in accordance with applicable regulations to settle the company’s debt.
The seizure is scheduled for May 6 at the location of the collateral.
Mai Linh Lao Cai Co., Ltd. is based at 129 Phu Thinh Street, Cam Duong Ward, Lao Cai Province. The company operates in taxi transport.
The announcement comes amid similar actions by other lenders involving car collateral. The content notes that banks including VIB and the Vietcombank Ha Long branch have auctioned, or are auctioning, vehicles used as collateral.
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