The authorities of the Mekong Delta city of Can Tho have sent a report
on the stagnation in the debt settlement between Binh An Seafood Co
(Bianfishco) and its creditors to the Prime Minister.
In the report, the city
government has also mentioned that dozens of local farmers to whom Bianfishco
owes hundreds billions of dong are pitching camps in front of the villa of the
firm’s acting general director, Tran Van Tri, to create a real pressure for
debt repayments.
The incident has formed a hot
spot in social order and security that local government find it hard to
maintain, said the report of Can Tho City People's Committee.
A task force set up by the city
government is working on the firm’s debt situation so that it can feed the
municipal Department of Planning and Investment with helpful information.
The information will be used to
map out a final solution as fast as possible to tackle the mortgage and
transfer of 25 million shares of the former general director, Pham Thi Dieu
Hien, to many creditors, mostly banks.
Regarding the mortgage and
transfer 25 million shares, Vu Hoang Nam, director of Asia Commercial Joint
Stock Bank (ACB) branch in Can Tho, has sent a document to the
planning-investment department to prevent the licensing of a new certificate of
business registration for Bianfishco.
The new license, which will
empower Saigon - Hanoi Commercial Joint Stock Bank (SHB) as the biggest
shareholder of Bianfishco, will have no legal value without the acceptance of
the ACB, Nam told Tuoi Tre Newspaper.
According to the ACB document,
Dieu Hien and Van Tri mortgaged 8 million shares owned by Hien to ensure debt
repayment obligations at ACB on June 3, 2009.
The credit contract was then
registered to a state agency specializing in monitoring such deals on July 17,
2009.
The mortgage was also been passed
by a group of shareholders who signed in another document to empower ACB to
freely use the shares in any purpose flowing the bank’s wish to recover the
loan.
Earlier, the firm said the
stagnancy in issuing the new business registration awas caused by deadlock in
debt settlement between the firm and three banks relating to the 25 million
shares Dieu Hien had mortgaged to two banks for loans.
The meeting between three
parties, Bianfishco, SHB and Vietnam Development Bank (VDB), early this month
ended without reaching any deals as the 25 million remaining Bianfishco shares
had been mortgaged to a branch of the Bank for Investment and Development of
Vietnam (BIDV) for loans before being brought to the Can Tho branch of VDB as
the mortgage for another loan.
The shares had finally been sold
to Ho May Co.
After issuing bank documents to
prevent the transfer of Bianfishco’s shares, Tran Van Tri had proposed relevant
agencies to support and help the firm overcome difficulties, escpailly in
offering the new business registration.
A leader of the Can Tho City
branch of the State Bank of Vietnam said the branch did not receive any report
on the problem because the incident is out of its management functions.
However, the official said there
are two possibilities occurring: the firm had issued shares with no real value
at all for the banks to get the loans and then the banks had yet done necessary
procedures in checking the newly issued shares.
"As banks’ inspecting
processes are now very methodical and rigorous, it is unlikely that they left
their job unfinished,” he said.
Digging in
Dozens of farmers, mistrusting
Tri’s promise to repay the debt within August, have continued to cling at their
campsite, the area in front of the villa of Tri, for the second week in a row.
Some have even threatened to
commit suicide right at the site if receiving no timely debt repayments.
The 57-year-old Sau Hon told
newswire Vnexpress that the firm owed him some 21 billion dong, while his debt
to his neighbors from whom he buy catfish for the company in the countryside
was around 20 billion dong.
“If the firm refuses to pay the
debt, my family will commit suicide right here buy drinking this pesticide
bottle,” he said.
More than a month ago, Tran Van
Tri, acting general director of Bianfishco, sent notice to the farmers that the
repayment will be due by July 10, 2012.
But Tri on Sunday delayed the
repayment deadline to the end of August, pledging that the firm’s fish
processing plant will be handed over to the farmers if it misses the payment
deadline on August 29, 2012.
Tuoi Tre
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programmes. Many thanks for visiting www.yourvietnamexpert.com and/or contacting us at contact@yourvietnamexpert.com
No comments:
Post a Comment