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Happyland Project is coerced, asset declaration

The Happyland project was distrained because investors did not pay their debts

The Department of Civil Judgment Enforcement of Long An province is carrying out asset distraint procedures under the enforcement decision dated 18 May 2017 on asset distraint for the Construction Investment and Development Joint Stock Company Phu An infrastructure – investor of Khang Thong Happyland Complex (Ben Luc, Long An).

Accordingly, the first property to be distilled is land use rights, houses and other assets attached to land area of ​​over 19.6ha along the Vam Co Dong River in Thanh Duc Commune (Ben Luc, Long An) by the People’s Committee Long An Province in 2011. This land is used for cultural purposes land and Phu An Company has mortgaged since 2015.

The Happyland project was distrained because investors did not pay their debts
The Happyland project was distrained because investors did not pay their debts

Secondly, the right of land use, ownership of houses and other assets associated with more than 55ha of land adjacent by People’s Committee of Long An province in 2011, used for industrial purposes but has been converted to land cultural facilities and being pledged from 2012.

Third, all assets will be formed in the future of more than 86.4ha of land in Thanh Duc Industrial Park (Ben Luc, Long An) issued by Long An Provincial People’s Committee in 2005. in 2007.

Previously, in February 2015, the International Arbitration Center in Vietnam. Ho Chi Minh City has issued two judgments that forced Phu An Company to pay a company from Russia more than $ 5,125 million (including $ 4.5 million principal and over $ 0.5 million delayed interest and arbitration fees) .

In 2016, the Department of Civil Judgment Execution TP. Ho Chi Minh City has 2 decisions entrusted to the Department of Civil Judgment Execution in Long An province to execute the sentence. In addition, Phu An Company has to implement more than 674 billion due to debts of many enterprises, individuals and other units.

In May 2017, the Department of Civil Judgment Enforcement of Long An Province approved the enforcement plan to enforce the property for Phu An Company. Later, the company applied for a two-month suspension on the grounds that it is promoting the transfer of shares of the company.

At the beginning of August, the company continued to apply for an extension until the end of August to resolve the debt because it has signed a contract with a partner from abroad.

In the beginning of September this year, representatives of this company continue to apply for extensions similar to the above.

However, after three applications for postponement, the investor of Happyland project still can not resolve the debt so Long An Department of Civil Execution has enforced, distrained assets, land.

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