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BBT: Information on business situation
Bach Tuyet Cotton Corporation (BBT) has informed of its current business situation as follows:
On 19th February 2009, the resolution of the extraordinary shareholders’ meeting passed the plan of recovery and business development, dismissal and appointment of BOD members. However, the former BOD members and General Director have not handed over the company stamp, tasks and related documents to new BOD members and General Director. Thus, they cannot do management of the company as stipulated.
On 27th May 2009, the Hochiminh City Civil Court had a Decision to dismiss a claim of Mr. Ta Xuan Tho – former General Director of the company about asking for canceling the resolution of the extraordinary shareholders’ meeting dated 19th February 2009. Mr. Tho has disagreed with the decision of the court and continued to do petition to the Supreme Court. It would be reviewed in August 2009.
On 19th May 2009, the Hochiminh City People’s Court had the Decision to force Mr. Tho to hand over the company stamp and all documents to Mr Ngo Xuan Hung – current General Director. However, Mr. Tho has not implemented the Decision.
Due to the situation, the current BOD cannot manage or operate the company and raise chartered capital to VND80 billion (current chartered capital: VND68.4 billion) or do plan of transferring listing of stock to the Hanoi Stock Exchange.
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