17,000 still waiting to get money back from multilevel marketer

By Anh Minh   July 25, 2018 | 11:44 am GMT+7
17,000 still waiting to get money back from multilevel marketer
More than half of Thien Ngoc Minh Uy’s clients have not been repaid. Photo by VnExpress

By the time Thien Ngoc Minh Uy’s license was revoked in April 2017, the multilevel marketing company had signed up about 26,700 clients.

The number of people waiting to liquidate their agreements with and file complaints against it has fallen to 17,000 this year.

By last April the company had over 9,500 liquidation requests and commodity repurchase agreements of which over 8,700 had reached the final stage of liquidation and 839 were in the first stage of the process.

The Vietnam Competition Authority has said all victims should immediately contact the company, preferably its nearest office, to get their complaints and liquidation contracts considered as soon as possible.

The Ministry of Industry and Trade (MoIT) canceled the Hanoi-based company’s license and slapped a fine of $8,800 on it for “serious violations.”

For a while afterwards the company continued to carry on other forms of marketing illegally and without a license.

Thien Ngoc Minh Uy used to distribute healthcare products such as nutraceuticals, skincare products and massage equipment through unlicensed branches.

 
 
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