Bianfishco debt settlement talk comes to deadlock

By

SeafoodSource staff

Published on
August 6, 2012

The talk between the debt-beleaguered Binh An Fishery Joint Stock Co (Bianfishco) and its creditors on Saturday fell in another deadlock due to the leakage of new information.

The talk, chaired by the Can Tho City Department of Planning and Investment, aimed at making the Saigon-Hanoi Commercial Joint Stock Bank (SHB) become the biggest shareholders of Bianfishco, and let Tran Van Tri become the general director of the company.

However, the meeting between the three parties, Bianfishco, SHB and Vietnam Development Bank (VDB), ended without realizing any of its initial targets with a new development.

Some 25 million remaining Bianfishco shares owned by the former CEO, Dieu Hien, 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 mortgage for another loan.

The shares had finally been sold to Ho May Co.

Click here to read the full story from Vietnam Investment Review >

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