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Debt-ridden absentee fisheries CEO urged to return   2012-03-27 - Dtnews

Can Tho municipal government has requested, the CEO of seafood processing giant Binh An SeaFood Joint Stock Company (Bianfishco) Pham Thi Dieu Hien to return Vietnam to settle her debts.


Ms. Pham Thi Dieu Hien.

Vo Thanh Thong, Vice Chairman of the city’s People’s Committee, made the statement on March 27.

“Hien has yet to complete any legal documents to allow her husband to take over the company’s leadership. If she really does have medical problems, she should declare this and legally assign a temporary representative to the company who could help settle its debt payments,” Thong noted.

According to the investigative agency, as of March 23, Bianfisco owed a combined VND1.56 trillion (USD74.64 million). The figure includes its debts to nine banks and one financial institution, debts to farmers and Hien’s personal debts.

The firm had paid off VND16 billion (USD765,550) out of VND261 billion (USD12.48 million) worth of its debts to farmers but its unpaid packing, transportation and equipment fees are mounting.

Tran Van Tri, Hien’s husband, recently said his wife was undergoing a treatment for metastatic cancer in the US.

Tri said that Bianfisco were discussing a plan with Japanese partners to resume the plant’s operation in early April 2012 under an outsourcing contract worth USD40 million.

The firm is also seeking partners to resume operations in its catfish fillet production chain in the time to come.

On March 16, Hien lost a case to two farmers in Can Tho City after she failed to VND18 billion (USD861,244) for their fish.

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