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Bust firm fails to pay catfish farmers
Twenty-eight fish breeders in Dong Thap Province have been waiting for months to be paid for their tra fish that was sold to a company that is now out of business.
The fish processing company, Toan Phat Co Ltd, owes a total of VND8 billion (US$449,000) to the breeders, who live in the province’s Lai Vung District.
One breeder, Dang Ngoc Xinh, said Toan Phat owed him more than VND575million ($32,260).
Another breeder, Tran Thanh Bang, said he signed a contract on October 12 last year to sell his tra fish batch for VND1.04 billion ($58,351).
"The owner, Tang Ngoc Toan, said the payment would be settled within a month. But so far I have received only VND140 million ($7,855)," Bang said.
The company had delayed payments many times, he added.
The breeders said they were having difficulty paying off bank loans that had been taken out to invest in their business.
Last month, Toan Phat Co Ltd sold its tra fish processing factory and other facilities to Thanh Hai Co Ltd.
Le Thanh Hai, director of Thanh Hai Co, told the breeders that he would settle half of the Toan Phat Company’s debt by August 26, while the remaining half would be paid in installments from November to April.
vietnamnews
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