The black credit collapse of tens of billions of dong in Nghe An: Suspicion of asset dissipation

Black credit worth tens of billions of dong collapsed in Nghe An

(Baonghean.vn) - Although not allowed to mobilize capital, a private enterprise in Yen Thanh still issued savings books, received money from hundreds of people and then declared "bankruptcy".

Hundreds of households in Nghe An are miserable because of the black credit collapse.

(Baonghean.vn) - Since the day the company director suddenly declared bankruptcy, many families have fallen into misery.

For over a year now, people have been constantly surrounding and gathering in large numbers in this spacious house, which is also a gold and silver trading place in front of Bong market gate, to demand money. However, not only did they not pay, the family of the director of this enterprise also loudly challenged and cursed. Each time like that, the authorities had to rush in to maintain order and avoid a fight.

The gold shop sign in front of Mr. Phuc's house (white) has been removed. Photo: TH

“Currently, there has been no unfortunate incident, but if it continues, it is unpredictable. Because in our commune, there are more than 40 victims, but most of their money is sent by relatives and friends abroad. If in the near future the owners of the money return to the country, we are afraid of tension,” said a leader of Son Thanh commune.

Local residents said that after the incident occurred in late 2016, they filed a complaint with the Yen Thanh District Police in September 2017. However, 8 months have passed and Mr. Phuc and his wife are still conducting business as usual, making local residents angry.

“After we filed the complaint, the district police made an announcement on the commune loudspeaker calling on any victims to come forward and report. Since then, we have not heard any further movement,” said Mr. Le Van Thanh (61 years old).

Mr. Le Van Thanh said that Mr. Phuc's family had disposed of assets. Photo: TH

The prolonged case has led people to believe that Mr. Phuc and his wife have disposed of all their assets during this time. In addition, the inability to pay or bankruptcy as the couple claimed is also suspected.

“I don’t believe this couple is bankrupt. They might be scamming people,” said Nguyen Huu Chung, Chairman of Bao Thanh Commune People’s Committee. Currently, Phuc’s family is still living in a house estimated to be worth more than VND3 billion in front of Bong market.

What makes people suspicious is that this spacious house estimated to cost about 3 billion VND was just completed in September 2016. But just two months later, Mr. Phuc and his wife suddenly announced that they were "bankrupt" and transferred it to their younger sister. The family's car was also sold. Instead, the couple took another person's car to drive.

“It’s so unreasonable, I also feel indignant on behalf of the people. There are many things that the investigation agency needs to quickly clarify but I don’t understand why they haven’t handled it yet,” Mr. Nguyen Trong Nam, Deputy Chief of Bao Thanh Commune Police, wondered. “Why did you sell the house and still live there for more than a year? And after selling the house, why did you still fix it up like welding in the door…?”

A corner of the house (white) estimated to be worth about 3 billion VND of Mr. Phuc and his wife. Photo. TH

According to the people, although they declared that they were unable to pay, when they came to claim their money, Mr. Phuc and his wife still set conditions for returning the money. "I am currently depositing more than 1.2 billion VND there. When they came to claim their money, they said that if they took half of it, which is 600 million VND, they would tear up the savings book and that would be the end of it. I did not agree," said Ms. Nguyen Thi Hanh (57 years old, Son Thanh commune), adding that this proved that Phuc Nhien Gold and Silver Private Enterprise still had a lot of money. In addition to Ms. Hanh, many other households were also given similar conditions if they wanted their money back.

In addition, according to Mr. Le Van Thanh, Mr. Phuc and his wife also have a house worth about 5 billion VND on Dang Thai Than Street (Vinh City). However, this house has recently been transferred to another person.

Previously, as Nghe An Newspaper reported, for many years now, Phuc Nhien Gold and Silver Private Enterprise, with Mr. Tran Van Phuc as director, has been "producing" savings books to mobilize capital from hundreds of people. However, Mr. Phuc and his wife later turned around, suddenly declaring "bankruptcy", refusing to pay them.

According to the State Bank of Vietnam, Nghe An branch, this enterprise's capital mobilization and savings book issuance activities are illegal, violating the Law on Credit Institutions./.