Coteccons Joint Stock Construction Company (CTD-HOSE) has received Enforcement Decision No. 3364 and Decision No. 319 from the Ho Chi Minh City Department of Justice.
Specifically, on May 27, CTD received an enforcement decision from the Ho Chi Minh City Department of Justice to freeze an amount of over VND 169.93 billion upon their request. These two decisions are related to the resolution of an economic contract dispute between CTD and Ricons Construction Investment Joint Stock Company.
Also in this document, CTD stated that it would comply with the content of the decision of the competent authority in accordance with the law.
According to the arbitral award, Coteccons is obliged to pay Ricons a total amount of nearly VND 170 billion up to November 24, 2024. This amount includes principal debt, late payment interest from January 1, 2021, to September 24, 2024, lawyer’s fees, arbitration fees, travel and accommodation expenses of the arbitrators.
In addition, Coteccons also has to pay additional late payment interest on all the above amounts from after November 24, 2024, at the interest rate specified in the arbitral award. This additional amount will continue to be calculated until Coteccons fulfills its payment obligations.
According to the audited financial statements for 2024, Ricons still recognized nearly VND 323 billion in receivables from Coteccons, of which more than VND 227 billion has been provisioned for short-term difficult-to-recover debts related to this partner.
It is known that the debt originated from the period before 2019 when Coteccons and Ricons were under the same management and considered as contributing members of an ecosystem comprising seven interrelated member companies, including Coteccons, Unicons, Ricons, Newtecons, BM Windows, Sol E&C, and Boho.
During their operation within this ecosystem, some projects undertaken by Ricons as the main contractor involved related-party transactions with Coteccons acting as a subcontractor, such as the Regina Hung Yen project, Dong A Design project, and Golden Palace project, along with equipment leasing transactions between the two companies. The current outstanding debts have not been fully settled due to disagreements over debt valuation and the lack of legally compliant documents.
Similarly, some projects where Coteccons served as the main contractor and Ricons as a subcontractor also encountered issues with unsettled debts, including the Newtaco project, Regina Phase 4 project, Regina Miracle factory, Regina Phase 6 project, Regina Hung Yen project, Vinfast factory project, and Simco project.
The above-mentioned issues led to economic contract disputes between the two companies. Coteccons has repeatedly requested direct meetings and sent written requests, but Ricons has failed to provide legal documents to support the claimed debt amount.
On May 28, CTD’s stock price closed 1.20% lower at VND 82,600 per share.
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