Hoa Binh Construction completed collecting 304 billion VND debt from FLC

ANTD.VN - Hoa Binh Construction Group has recovered more than 304 billion VND in debt from FLC, including more than 270 billion VND in cash; the remaining 34 billion VND was offset by real estate at the FLC Sam Son Eco-tourism Urban Area Project, Thanh Hoa.

Hoa Binh Construction Group Corporation (stock code: HBC) has just announced information that the entrusted unit has completed the collection of all debts from FLC Group Corporation (stock code: FLC) with an amount of more than 304 billion VND.

Accordingly, ALB & Partners Law Firm LLC - the unit authorized by HBC said that Hoa Binh Construction Group and FLC have agreed to pay all debts related to the construction contract at FLC Sam Son Eco-tourism Urban Area Project in Quang Cu commune, Sam Son town, Thanh Hoa province.

As of October 12, Hoa Binh has recovered more than VND304 billion, including more than VND270 billion in cash. The remaining VND34 billion in debt was offset by real estate at the FLC Sam Son Eco-tourism Urban Area project in Thanh Hoa. FLC has also completed the signing of the document transferring this real estate.

Xây dựng Hòa Bình thắng kiện nhiều vụ kiện về chậm thanh toán ảnh 1

Hoa Binh Construction wins many lawsuits over late payment

The dispute between Hoa Binh and FLC has lasted for many years related to two construction contracts No. 57 and 18 signed in 2014 to build the FLC Sam Son project. Hoa Binh Group is the construction contractor chosen by FLC.

After completion in mid-2015, in 2016, HBC sent settlement documents for these two contracts. However, according to HBC, after many official dispatches requesting FLC to approve the settlement documents, this enterprise still did not receive goodwill cooperation from FLC.

Therefore, in February 2020, Hoa Binh's legal representative filed a lawsuit against FLC, related to contract number 57 at Cau Giay District People's Court (Hanoi) and contract number 18 at the Vietnam International Arbitration Center (VIAC) Ho Chi Minh City branch.

Later, Hoa Binh's legal representative announced that they had won both lawsuits. The total amount that FLC had to pay Hoa Binh related to the two construction contracts according to the judgment at that time was 277 billion VND.

In case FLC fails to pay the above amount within 30 days from the effective date of the judgment, FLC must pay interest for late payment at the rate of 12%/year for the principal debt of more than 163 billion VND and 10%/year for the remaining amount.

FLC then requested the Ho Chi Minh City People's Court to annul the VIAC's ruling, but the Ho Chi Minh City People's Court rejected this request and decided that the ruling would continue to be final and enforceable.

In March 2022, Mr. Trinh Van Quyet was temporarily detained to investigate the act of manipulating the stock market and then FLC shares were delisted from HoSE. However, FLC Group continued to pay the debt to Hoa Binh. From November 2020 to October 12, FLC completed the judgments and paid the debt to Hoa Binh.

In addition to recovering all debts from FLC, Hoa Binh Group also announced that it won the lawsuit against two other businesses, the amount of money that can be collected through the two lawsuits is more than 260 billion VND.

Specifically, on October 12, ALB & Partners Law Firm announced that it had received a legally effective judgment from the People's Court of Quy Nhon City, Binh Dinh Province regarding the construction contract dispute between Hoa Binh and Vi Khoa Hoc Company Limited.

The Trial Panel accepted all of Hoa Binh Construction's lawsuit requests and forced Vi Khoa Hoc Company Limited to pay HBC more than VND100 billion, including VND72 billion in outstanding construction value, VND21 billion in late payment interest, and the remaining costs incurred due to temporary suspension of construction.

From July 22 until the execution of the judgment, Vi Khoa Hoc Company Limited must also pay interest on the amount to be executed at the interest rate agreed upon by the parties of 12%/year.

In addition, the Vietnam International Arbitration Center (VIAC) has approved Hoa Binh's lawsuit, forcing Urban Development and Construction Joint Stock Company to pay HBC nearly VND162 billion.

Previously, in May, Mr. Le Viet Hai - Chairman of the Board of Directors of HBC said that this enterprise had 21 lawsuits regarding late payment, of which 10 lawsuits had been decided by the court. All cases were tried and Hoa Binh won the lawsuit.

Of which, the principal debt recorded in the accounting books is nearly 830 billion VND, and the total amount according to the judgment that the defendant must pay to Hoa Binh is more than 1,220 billion VND, including late payment interest and arising costs.

On the stock exchange, HBC shares on October 13 hit the ceiling with more than 2 million units matched.

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