Tan Tao Industry and Investment Joint Stock Company (ITACO) of Ms. Dang Thi Hoang Yen (the foreign name is Maya Dangelas) has just filed a lawsuit worth $1 billion against Vietnam’s government under the Trade Agreement. bilateral relations between the US and Vietnam.
The press release of ITACO on July 5 said that the company listed on the Vietnamese stock market now has no choice but to sue the Vietnamese Government after the Vietnamese side demanded to sell its assets worth billions of dollars because ITACO defaulted on a debt of approximately $900,000 related to an ITACO subcontractor while ITACO was not involved in the contract.
At the end of June, the Vietnamese press reported that the Chairman of the Board of Directors of ITACO, Ms. Yen, had sent a request for help to the State leadership. According to this petition, Ms. Yen said that in May and June, the Ho Chi Minh City Stock Exchange (HoSE), the State Securities Commission sent many official documents requesting Tan Tao to disclose information that the Court would open bankruptcy proceedings. The decision to open bankruptcy proceedings No. 56 dated January 25, 2018, of the People’s Court of Ho Chi Minh City is based on the request to open bankruptcy proceedings of Quoc Linh Trading Service Construction Co., Ltd.
According to Yen, Quoc Linh Company had previously requested to open bankruptcy proceedings in order to force Tan Tao to pay VND21.34 billion ($900,000) including interest and principal according to the judgment heard by the Court in 2017.
Also according to Yen, the contract between Quoc Linh and VietNam Land related to this lawsuit is not related to Tan Tao. The general director of VietNam Land, Yen’s ex-husband named Jimmy Tran, is currently being prosecuted for fraud.
In a new press release, Ms. Yen affirmed that the new lawsuit is the result of a series of attacks from former Prime Minister Nguyen Tan Dung and the corrupt system in Vietnam targeting ITACO companies.
In the statement, Ms. Yen also recalled that she was a member of the National Assembly of Vietnam representing Duc Hoa in 2011. She said, during her time as a member of the National Assembly, she voiced against a system of corruption related to former Prime Minister Nguyen Tan Dung and spoke out strongly. For this reason, according to her, she was dismissed by the National Assembly of Vietnam.
According to information from the National Assembly of Vietnam published by the state media in 2012, Yen was dismissed by the National Assembly for lying about her identity.
In 2019, Ms. Yen, a US citizen since 2005, also sued Mr. Nguyen Tan Dung at the International Court of Arbitration on the grounds that Mr. Dung caused Ms. Yen’s company to lose $2.5 billion in profits during Mr. Dung’s time as Prime Minister. Mr. Dung is accused by Ms. Yen of illegally canceling the agreement to build, own and operate the Kien Luong Thermal Power Project (Kien Giang province).
Thoibao.de (Translated)
