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The tycoons, ill fame and the debts
Right at the beginning of the Year of the Dragon, which is believed to be a prosperous year for businessmen, some big tycoons get involved in some scandals which have helped them get more famous.
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Mr Dang Thanh Tam, President of Kinh Bac Group |
Taking loss and incurring debts, getting involved in disputes and lawsuits are the things that many businessmen have to do now. They are the names known to everybody: Doan Nguyen Duc, President of Hoang Anh Gia Lai Group, Nguyen Duc Kien, President of Hanoi ACB Football Club, the big shareholders of ACB and Eximbank, Dang Van Thanh, President of Sacombank, Le Hung Dung, President of Eximbank, Dang Thanh Tam, President of Kinh Bac Group, one of the richest stock millionaires in Vietnam, Nguyen Quoc Cuong, or “Cuong dollar,” Deputy General Director of Quoc Cuong Gia Lai Group, Hoang Thi Dieu Hien, known as the “seafood tycoon.”
Debts and losses
Local newspapers on February 29 reported that the O Mon district’s court will take the case of the dispute about the payment in a fish purchase contract into trial on March 16. The plaintiffs are Nguyen Van Lien and Pham Thi Mai, who sued the defendant – Nguyen Thi Dieu Hien, General Director of Bianfisco – for having not paid for fish.
The lawsuit was informed right after Dieu Hien spent money like water to organize a luxurious wedding for her son in Can Tho City, estimated to cost several billion dong, while her company was still owing 250 billion dong to farmers.
Local newspapers have also reported that Agribank Can Tho has refused to lend 300 billion dong to Bianfishco, because the company does not have mortgaged assets for the loans which can ensure the debt payment.
In a dispatch to the State Bank of Vietnam, Hien wrote that her company performed very well in the first 10 months of 2011, when it had stable orders and new partners. However, the company has been facing big difficulties since late 2011 as banks all asked for capital back and refused disbursement. Meanwhile, the company needs big money to collect tra fish from farmers.
Several days ago, the General Department of Taxation released shocking information that Hoang Anh Gia Lai Group of Doan Nguyen Duc, the second richest stock millionaire in Vietnam still owes hundreds of billions of dong in tax.
In 2011, Hoang Anh Gia Lai was one of the 15 listed companies which had the highest profits, and it was a member of the “trillion dong club.” The profit of one trillion dong the group gained in 2011 was just equal to 50 percent of the previous year, was still a satisfactory result.
Hoang Anh Gia Lai is a powerful group which operates in many important business fields. It is one of the 10 listed enterprises which had had the biggest cash amounts in Vietnam by the end of 2011 (2800 billion dong).
Meanwhile, the shareholders of Quoc Cuong Gia Lai were exceedingly astonished when hearing that the group incurred the huge debt of 100 billion dong in the fourth quarter of 2011, and 40 billion dong in the whole year 2011.
Doubts have been raised that the group declared a loss to evade tax. While Quoc Cuong Gia Lai reportedly big loss, “Cuong dollar” – the son of the group’s owner Nguyen Thi Nhu Loan – is spending money like water.
Cuong dollar is reportedly offering to sell two super-cars Lamborghini Murcielago LP 640 and Lamborghini Gallardo to get money to buy Aventador LP700-4.
Disputes and ill fame
Other big businessmen do not incur losses or have unpaid debts, but they have been spiraling down in many other scandals.
Nguyen Duc Kien, a big guy of ACB, has become more well known with the Super league broadcasting right with AVG. Dang Thanh Tam from Kinh Bac Group has got involved in the power dispute at the Hung Vuong University. Le Hung Dung, President of Eximbank, has been names in the reports about the attempt to swallow Sacombank.
Dung on February 17 sent dispatch to Sacombank, requesting to re-elect the board of directors in the upcoming shareholders’ meeting, which was commented by analysts as an action of declaring war to acquire Sacombank.
Eximbank is backed by a group of big investors, which people believe includes Nguyen Duc Kien,
Kien not only is behind the Eximbank-Sacombank case, but was a party in the dispute about the Super league broadcasting right with AVG, and the legal disputes with footballers, in both of which he was the looser.
Manh Ha
vietnamnet
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