The debt up for auction from Tafishco is based on two credit agreements signed in 2016, with a book value of nearly VND 417.4 billion as of September 30, 2024. This includes principal debt of over VND 289.1 billion and interest of nearly VND 128.3 billion. Note that interest will continue to accrue from October 1, 2024, until the company repays the principal and interest on the loan at Agribank An Giang.
In addition to the two signed credit agreements, the debt’s legal documents include a mortgage contract for land use rights and assets attached to the land, a mortgage contract for assets between Agribank An Giang and Tafishco, mortgage contracts for land use rights and assets attached to the land of third parties, and a mortgage contract for land use rights of a third party between Agribank An Giang and Mr. Nguyen Thai Son (Chairman of Tafishco’s Members’ Council) and his wife, Mrs. Nguyen Thi Hue Trinh (General Director of Tafishco), along with other relevant documents pertaining to the debt.
According to the announcement, the starting price for the auction of the entire debt is nearly VND 417.4 billion. The debt will be auctioned as-is, including the current state of the debt, legal status, and any potential risks, and will be sold without any alterations or modifications.
Tafishco Limited Liability Company, established on September 16, 2002, and based in An Giang Province, was once a prominent enterprise in the field of seafood processing and export, with its primary product being pangasius fish.
In 2014, the company was selected as the focal point for organizing a production-processing-export linkage chain for pangasius fish. This chain operated through a mechanism where farmers signed loan contracts with Agribank An Giang but did not receive cash; instead, they received fish feed from a designated enterprise. Subsequently, the farmers harvested the fish and delivered them to the company for processing and export, and the company directly repaid the bank loans.
The pangasius linkage chain proved effective and stable for most of the trial period. However, in November 2016, the couple who owned the company fled abroad, leaving behind a substantial debt. Currently, the company and its branches have ceased operations.
Long-abandoned fish ponds are overgrown with weeds – Image: Vietnam Aquatic Products Magazine
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