Foreign business owner returns home, leaving huge debts

The People’s Committee of the southern province of Ba Ria-Vung Tau instructed the Department of Labor, Invalids and Social Affairs to work with authorized agencies to solve problems of steel company Quatron which debt hundreds of billions of dong of wage and premium after its foreign owner get out of the country.

The province granted investment certificate to the foreign invested company in early 2008 to design, process and assemble steel structural products.
 
Legal representative Dasagi Vijaya Bhaskara Rao has left home while the man working for the company as director general has not appeared.
 
By the end of October last year, Quatron owed 400 workers overVND2.7 billion (US$119,000) in wage and VND15 billion ($660,000) social insurance premiums. In addition, the company has yet to pay VND1.2 billion in tax arrears and overdue loan interest.
 
The 80,000 square meter factory the company hired has been mortgaged for bank loans with the total amount of US$3 million.

By Nong Ngan – Translated by Hai Mien

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