On July 30, a Tien Phong reporter’s source revealed that the Ho Chi Minh City Department of Civil Judgment Enforcement had issued a decision to enforce a ruling in a dispute over payment obligations between Joint-Stock Company Coteccons (stock code: CTD) and Boho Decor Co., Ltd.
Consequently, the department ordered Coteccons to pay Boho Decor over VND 21.5 billion in principal debt from five contracts, along with an additional VND 447 million in project capital pending approval, as per Contract No. 001.
Additionally, Coteccons was mandated to pay Boho Decor VND 881 million in penalties for breaching the five contracts, VND 3.5 billion in late payment interest, over VND 685 million in arbitration fees, and VND 300 million in legal fees.
In total, Coteccons is required to pay Boho Decor more than VND 27 billion, a higher amount than the nearly VND 22 billion that Coteccons had previously announced on July 19.
Ho Chi Minh City’s Department of Civil Judgment Enforcement mandates that Coteccons pay Boho Decor a total of over VND 27 billion.
Earlier in February, Coteccons filed a petition with the Ho Chi Minh City People’s Court to annul the arbitral award. On July 19, the company received the court’s decision rejecting its petition and upholding the arbitral ruling.
Coteccons stated that, in the spirit of upholding the law, the company would comply with the decision of the competent authority in accordance with legal regulations.
The dispute between the two parties arose from contracts signed and executed before 2020, wherein Boho Decor was Coteccons’ subcontractor for design, supply, and construction of interior finishes in investment-construction projects.
