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The People’s Committee in the Mekong delta city of Can Tho on April 5 announced that the beleaguered Binh An Seafood Company (Bianfishco) has liabilities of VND 1.54 trillion (USD 74 million) while its total assets are VND 2 trillion (USD 99 million).

Can Tho City authorities announced the company’s audit results of 2010 and the present debts of Bianfishco, at a press conference to discuss this high profile issue.

According to Vo Thanh Hung, chief of the financial inspection team looking into the affairs of Bianfishco, the audit financial statements in 2010 and also various other sources showed that the debt-crippled company Bianfishco owed VND 1.54 trillion (USD 74 million) including VND 1.27 trillion (USD 59 million) to nine banks and one credit institution; VND2 61 billion to fish farmers and VND 3 billion to an insurance company.

Click here to read the full story from Talk Vietnam >

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