Coteccons Construction Joint Stock Company loses arbitration, ordered to pay nearly VND 170 billion to Ricons
Coteccons Construction Joint Stock Company has been ordered by the Ho Chi Minh City People's Court to pay Ricons Investment Construction Joint Stock Company nearly VND 170 billion (as of November 24, 2024), after the court rejected Coteccons' appeal to annul an arbitration ruling. This ruling is final and comes after Ricons previously sought Coteccons' bankruptcy over a VND 322.5 billion debt. Coteccons attributed its non-payment to not receiving funds from project owners for pre-2019 projects in Hai Phong and Hung Yen, leading Ricons to provision over VND 227 billion as difficult-to-collect debt.
Coteccons Construction Joint Stock Company has been ordered by the Ho Chi Minh City People's Court to pay Ricons Investment Construction Joint Stock Company nearly VND 170 billion (as of November 24, 2024), after the court rejected Coteccons' appeal to annul an arbitration ruling. This ruling is final and comes after Ricons previously sought Coteccons' bankruptcy over a VND 322.5 billion debt. Coteccons attributed its non-payment to not receiving funds from project owners for pre-2019 projects in Hai Phong and Hung Yen, leading Ricons to provision over VND 227 billion as difficult-to-collect debt.
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