LDG Investment JSC
(Stock code: LDG) has sent a document to the State Securities Commission and Ho Chi Minh City Stock Exchange, announcing that the Ho Chi Minh City High People’s Court has made a decision regarding the review request of the bankruptcy procedure opening decision made by the Dong Nai Province People’s Court for LDG related to the debt between LDG and Phuc Thuan Phat Trading and Construction JSC.
According to the decision, the Ho Chi Minh City High People’s Court accepted LDG’s request to review the decision to open bankruptcy proceedings and annulled Decision 01/2024/QD-MTTPS dated July 22, 2024, of the Dong Nai Province People’s Court.
The decision also clarified that the debt between LDG and Phuc Thuan Phat is a debt for which the value and payment method have not been agreed upon, and it does not mean that LDG has lost its ability to pay. LDG’s operations are normal and stable.
The Ho Chi Minh City High People’s Court annulled the decision to open bankruptcy proceedings for LDG by the Dong Nai Province People’s Court.
According to LDG, Phuc Thuan Phat’s request for the Dong Nai Province People’s Court to open bankruptcy proceedings for LDG in the past has caused serious damage to the company, its shareholders, and customers, as well as disrupted the process of restructuring business activities and cooperation with LDG’s partners.
The origin of the case started with LDG signing contracts with Phuc Thuan Phat to construct several items at the Tan Thinh Residential Area project in Tan Thinh Commune, Trang Bom District, Dong Nai Province.
During the implementation process, the Tan Thinh Residential Area project encountered legal procedure obstacles regarding project investment. As of now, these obstacles have not been resolved, affecting the project’s deployment and construction investment. LDG has paid Phuc Thuan Phat 95% of the contract’s liquidation value.
However, there are still some outstanding debts between Phuc Thuan Phat and LDG that have not been completed. LDG has worked with Phuc Thuan Phat several times regarding the remaining debt value and payment schedule but has not yet reached an agreement.
Therefore, Phuc Thuan Phat requested the People’s Court of Dong Nai Province to open bankruptcy proceedings for LDG. Currently, LDG Investment JSC has sent a document to the People’s Court of Dong Nai Province and the Ho Chi Minh City High People’s Court requesting to reconsider and annul the decision to open bankruptcy proceedings, Decision 01/2024/QD-MTTPS dated July 22.
“LDG has not lost its ability to pay and is still ensuring the fulfillment of financial obligations. LDG is continuing its efforts to negotiate and discuss to reach an agreement with partners to protect the rights and interests of all related parties,” LDG’s representative affirmed.
The Tan Thinh Residential Area project is also the project that led to the arrest of Mr. Nguyen Khanh Hung, Chairman of the Board of Directors and legal representative of LDG, on charges of “Cheating Customers” on November 30, 2023.
Regarding Duc Long Gia Lai Group JSC (Stock code: DLG), the People’s Court of Gia Lai Province also decided not to open bankruptcy proceedings for DLG as requested by the creditor, Lilama 45.3 JSC.
Previously, the People’s Court of Gia Lai Province had decided to open bankruptcy proceedings for DLG for the first time, as requested by Lilama 45.3 on October 9, 2023. Subsequently, Duc Long Gia Lai filed an objection, and the Da Nang High People’s Court annulled the decision of the People’s Court of Gia Lai Province.
On June 24, Lilama 45.3 continued to request the opening of bankruptcy proceedings for Duc Long Gia Lai for the second time, citing the company’s violation of payment obligations for the remaining debt of VND 11.47 billion.
During the meeting on August 5, the panel of judges of the People’s Court of Gia Lai Province considered Lilama 45.3’s request. The court evaluated that DLG is operating normally, and its financial reports for the latest years show profitable business results.
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