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Government urges monitoring of debt-ridden fish processor

Update: March, 15/2012 - 10:00

HA NOI — The Government instructed the People's Committee of Can Tho City to verify and submit a report on the debt incurred by seafood producer Binh An Seafood Joint Stock Company (Bianfishco) no later than March 25.

The Government Office also asked the city to initiate solutions for the debt ridden company, which currently owes 45 local tra fish farmers VND261 billion (US$12.4 million).

Bianfishco CEO Tran Van Tri said the company conducted an audit on all of its properties which showed it was worth more than VND2.7 trillion (US$128million), adding that the company would soon be able to balance its current debts.

Tri, who replaced his wife as CEO on February 23, said the company had paid VND3 billion ($143,000) in salaries to its 1,200 workers in February.

He added that he planned to sell the fish processing plant to a finance investment corporation from the Netherlands to pay off debts to its fish providers in March.

Many company employees remain out of work because of material shortages. — VNS

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