Taxmen lose patience with $31M debtor FLC

By Tat Dat   January 10, 2024 | 09:51 pm PT
Taxmen lose patience with $31M debtor FLC
FLC Sam Son Resort in central Thanh Hoa Province. Photo courtesy of FLC
Tax authorities are cracking the whip on disgraced property developer FLC in a bid to collect back taxes worth VND770 billion ($31.53 million).

The Hanoi Tax Department has appropriated VND90 billion from its bank account, the company said in a statement.

FLC has been blocked from issuing bills until it pays the remaining VND678 billion to the Hanoi and other tax departments.

Should the company not pay the tax, authorities will reach into its account for the sum or even block its legal representative from leaving the country.

FLC has been in financial and structural distress since its chairman Trinh Van Quyet and other leaders were arrested in March 2022 for stock manipulation.

The company has not disclosed any results since the last quarter of 2022, saying it has been unable to reach consensus with its auditor about its financial status.

It did not organize the 2023 annual general meeting due to lack of quorum, and its shares have been delisted from the Ho Chi Minh Stock Exchange.

The current chairman is Le Ba Nguyen, Quyet’s brother-in-law.

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