Bianfishco’s debts were said to have climb to trillions of VND while the firm has had to pay interest of nearly VND1 billion (USD47,915 million) per day in the last three years.
The firm has yet to settle payments of over VND300 billion (USD14.37 million) to over 40 fish farming households in the Mekong Delta region.
Sixteen households in the region have been calling for action by local authorities to recover debts worth hundreds of billions of dong from the company.
General Director and Chairwoman of Bianfishco Pham Thi Dieu Hien was due to face a court case after being sued by three individuals in Can Tho City for appropriating VND18 billion (USD862,482). The O Mon District Court will hear the case on March 16.
Hien apparently visited Singapore for medical treatment on February 23, leading to public concern that she was trying to escape her crediors.
Hien’s husband, Bianfishco’s Acting General Director Tran Van Tri said, “My wife went to Singapore for her surgery on a tumour. However, the doctors advised her to travel to the US to receive better treatment due to the seriousness of her condition. I told her to return to Vietnam for treatment as it costs up to USD500,000 for such surgery in the US.”
According to Tri, Bianfishco wanted to sell 80% of its shares to partners at USD120 million but the partners were only prepared to pay USD80 million.
The firm still has an USD18 million contract to complete to export fish to the US and another valued at USD24 million to Japan.
Tri said that as of March 12 the firm still owed VND261 billion (USD12.5 million). The same day, the company finally paid back salaries of over VND3 billion (USD143,747) to 1.200 workers before asking for them to take extended leave, he noted, adding that the firm would sell its factory to a Dutch investor.
Bianfishco’s audited assets totals over VND2.7 trillion (USD129.37 million) and its debts are still at acceptable level.
The firm has managed to service its loan repayments and is scheduled to meet with banks to discuss solutions to its debt as well as restructuring plans, in addition to seeking capital to settle outstanding payments owed to farmers, he added.
Dtnews
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