WSS: Explanation for the lawsuit raised by PVFI

On 24/11/2011, Wall Street Securities Company (Stock code: WSS) released an accouncement explaining the lawsuit raised by PVFI as follows:

On 13/05/2009, Wall Street Securities Company singed a Securities Service Contract with PETROVIETNAM TRADE UNION FINANCE INVESTMENT CORPORATION (PVFI). Accordingly, PVFI provides capital for investment, capital users are customers of WSS. Almost customers abided by the contract, paying the borrowings to PVFI. Only one customer named Ms. Nguyen Thi Thu Quynh, who was Manager of the Financial Service Board of PVFI at that time, had used the money to buy securities and had not paid the borrowing. The amount that Ms. Nguyen Thi Thu Quynh borrowed as indicated in the lawsuit is VND74,532,390,953. All these securities has been transferred to PVFI at the request of PVFI. However, PVFI has raised a lawsuit to the People's Court in Hanoi asking Wall Street Securities Company to pay back the money. Wall Street Securities Company sees that this lawsuit has no ground.

hnx

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