Chu Lai Soda Factory Continues to Be Stuck

Quang Nam: Enterprises invest more than 1,000 billion VND to "rescue" the deadlocked Soda factory

Investing more than 1,000 billion VND to rescue Chu Lai Soda Factory, but the new investor of this project, Tan Tien Company, is calling for help because it is facing the risk of stopping operations.

Chu Lai Soda Factory (Tam Hiep Commune, Nui Thanh District) in Quang Nam continues to be in a deadlock as all of the factory's raw materials have been seized.

In a document sent to the Quang Nam provincial government, Ms. Vu Thi Hong Bich - General Director of Tan Tien Production and Trading Company Limited said that the Company holds 50% of shares in Chu Lai Soda Production Joint Stock Company. At the same time, it is an investor, cooperating with Chu Lai Soda Company to operate, produce and do business at the factory.

Chu Lai Soda Company invested in building the factory in 2010. However, the factory could not operate due to insufficient environmental conditions, lack of technical guarantees, machinery and equipment, and lack of capital to maintain production activities.

By 2018, the factory was not operating, Chu Lai Soda Company had no source to repay the debt, causing loss of loan capital, so the bank filed a lawsuit to recover the debt of more than 2,200 billion VND.

The parties then agreed in Decision No. 01/2018/QDST-KDTM, dated February 9, 2018 of the People's Court of Quang Nam province, recognizing the agreement of the parties.

After this agreement, Tan Tien Company was invited to continue building the factory, becoming a new Investor.

According to Tan Tien Company, since April 2018, this enterprise has invested more than 1,000 billion VND in the factory.

By August 2021, the factory passed the trial operation, Chu Lai Soda Company signed a business cooperation contract with Tan Tien Company for this enterprise to continue investing. After that, the Civil Judgment Enforcement Department of Quang Nam province requested the enforcement of the court's decision. The parties continued to agree on the basis of voluntary enforcement and issued a Minutes of Agreement on Judgment Enforcement.

Chu Lai Soda Factory in Quang Nam

According to the agreement, Tan Tien Company has the right to operate and manage the factory for 21 years; is fully handed over production equipment and materials and is obliged to continue carrying out necessary legal procedures as required by State management agencies.

However, Tan Tien Company could not execute the Minutes of Agreement on Execution of Judgment.

The reason is that in February 2022, the Civil Judgment Enforcement Department of Quang Nam province seized all goods that were raw materials for production, worth over 231 billion VND.

Because of the operation but no production materials to have financial resources to pay according to the agreement, the Civil Judgment Enforcement Department of Quang Nam province has conducted the Judgment Enforcement procedures.

According to Tan Tien Company, Chu Lai Soda Factory must operate continuously without stopping, so each month the company maintains its operations at a cost of about more than 1 billion VND.

After many meetings to discuss and resolve the issue between the parties, including the person subject to enforcement, the person entitled to enforcement, the person with rights and obligations as well as related parties, they all agreed to request the Quang Nam Provincial Civil Judgment Enforcement Department to promptly seize and hand over the factory to Tan Tien Company for maintenance and production operation.

Despite repeated urging from the Civil Judgment Enforcement Department of Quang Nam province, the enforcement officer did not comply.

Therefore, Tan Tien Company requests the People's Committee of Quang Nam province, the Ministry of Justice and the General Department of Civil Judgment Enforcement to direct the Enforcement Officer and the Department of Civil Judgment Enforcement of Quang Nam province to carry out the seizure of all assets of Chu Lai Soda Factory to ensure the rights and interests of the company...

In response to the enterprise's petition, the Office of the People's Committee of Quang Nam province said it had issued an official dispatch conveying the direction of the Provincial Chairman, requesting the Provincial Civil Judgment Enforcement Department to inspect and resolve the petition of Tan Tien Company.

Source: https://baodautu.vn/quang-nam-doanh-nghiep-dau-tu-hon-1000-ty-dong-giai-cuu-nha-may-so-da-dang-gap-be-tac-d220425.html