“Agriseco is still reviewing, assessing, analyzing, and even seeking legal assistance, however, debt collection remains extremely difficult. Since these assets are unlisted stocks, they have almost no value and come from defunct organizations or shell companies, thus making collection impossible”, shared Mr. Phan Van Tuan – Chairman of the Board of Directors of Agribank Securities Corporation (Agriseco, stock code AGR) at the recent Annual General Meeting.
According to AGR’s Q4/2023 financial statement, as of December 31, 2023, the Company had VND 1,127 billion in outstanding receivables, of which more than VND 1,098 billion had been provisioned.
Among the irrecoverable receivables are:
+ VND 599 billion in outstanding receivables for a matured investment represented by bonds of Vietnam Shipbuilding Industry Corporation (Vinasin, formerly known as Shipbuilding Industry Corporation), AGR has made a 100% provision for this receivable.
+ The Company also has nearly VND 500 billion in outstanding receivables representing commitments to buy and resell securities arising prior to the effective date of Circular No. 210/2012/TT-BTC on the guidance for the operation of securities companies. However, as of the date of the financial statements, AGR had not yet collected these receivables.
“We have provided 100% for the irrecoverable receivables. Throughout the restructuring period, the Company has collected more than VND 1,000 billion. Currently, Agriseco is still reviewing, assessing, analyzing, and even seeking legal assistance, however, debt collection remains extremely difficult.
As of now, Agriseco has not collected any amount despite actively cooperating with law enforcement agencies. Even Vinashin has filed for bankruptcy, so the possibility of debt recovery from this enterprise is zero”, said Mr. Tuan.
