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GGG: Explanation for the operating losses for 03 consecutive years (2011- 2012 and 2013) and negative equity
On 03/04/2014, GiaiPhong Motor JSC
explained for the operating losses
for 03 consecutive years (2011- 2012 and 2013) and negative equity as follows:
- The reasons: The operating situation was difficult, and
the SaiGon – Hanoi Securities Joint Stock Company (SHS) did not implement the
duty of Underwriting Guarantee. Two reasons caused the operating loss for the operating losses for 03 consecutive years
(2011- 2012 and 2013) and negative equity.
- The solution: As the expectation, the production and business operation
of the Company would be better and get the profit. For the dispute with SHS,
the Hoan Kiem District People’s Court has passed the lower judgement that SHS
must buy 2,114,305 shares of GMC in amount of VND 25,371,660,000. At present,
CMC has lodged an appeal to require Hanoi People’s Court forces SHS to perform
50% of the guarantee responsibility in amount of VND 42,861,100,000. Hanoi People’s
Court made decision on assuming the jurisdiction on 27/02/2014
HNX
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