VietNamNet Bridge – Many Vietnamese businesspeople who have been the creditors for Besra Vietnam, the Canadian gold mining company, are concerned they might not bet their money back.  

A Vietnamese creditor asks for payment of debts from Besra Vietnam at a recent a press conference. 

The Quang Nam province’s Taxation Agency says that Besra Vietnam owes hundreds of billions of dong in tax as well as loans.

The two factories in Vietnam owned by Besra have reportedly exploited approximately 7 tons of pure gold at the two biggest gold mines in Vietnam, Bong Mieu and Dak Sa.

The owner of a gold shop in Tam Ky district estimates that with the current gold price at VND30 million per tael, the 7 tons of gold is worth VND5.04 trillion, or $250 million.

It is not clear why the gold miner has been able to export a large amount of fold and earn high turnover, but still be crippled with debts.

Besides the VND279.8 billion in tax,Besra owes to the Quang Nam Taxation Agency, it also owes tens of billions of dong to Quang Nam’s businesses and local people.

Besra Vietnam cannot pay tax, according to Seton, because the gold price has decreased by 30 percent since January 2012, from $1,800 per ounce to $1,200.

The financial report of Besra Group shows that its total debts of different kinds have reached approximately $19 million. This includes $6 million in environmental protection fees, $6 million in contractor taxes and $7 million in bank loans.

It reportedly owes VND17 billion to the main contractor at Phuoc Son mine – Quang An Construction Company, and VND7 billion to other contractors.

Creditors

Director of the Truong Xuan Petroleum Trade and Service Company Le Dinh Thuc reportedly rushed into a room where Besra Vietnam organized a press conference on August 7 in Quang Nam province to ask Besra Vietnam’s owner to pay the VND6.6 billion debt to Truong Xuan.

Thuc was accompanied by general director of Tan Nhat Minh Company Bui Ngoc Luong, who also asked Besra to pay the debt of VND7.2 billion.

“I came here to ask for debt payment as a last resort. Besra Vietnam has not paid money to us, while we have to pay VND60 million a month in bank loan interest,” Thuc said. “If I cannot collect the debt, our company will go bankrupt”.

Other companies have also claimed to be the creditors of Besra Vietnam. The director of a bank in Quang Nam province said Besra Vietnam still owes $5 million to the bank. He said he may have to resign from the post because of the unpaid debt.

Quang An Company, a partner of Besra, after one year of repeatedly asking for debt payment, has been paid VND202 million out of the total debt of VND18 billion.

Vu Trung