People crowds Tuan Tai gold shop to ask for payment

Dozens of creditors staged a siege around the gold shop of Tuan Tai in HCMC’s District 5 last night to demand payment after the shop stopped operation on November 16 due to losses in gold trading.Lenders hung banner in front of the shop saying “Tuan Tai is a super swindler”. Police then emerged to keep order but did not intervene. The shop owner did not appear to solve the problem.

According to lenders gathering there, Tran Thanh Tuan, director of Tuan Tai Service Trading Production Limited Company which run the gold shop, failed to prove that he was able to pay all debts for over 300 lenders.

He had earlier promised to pay each lender 5% of the debt within two months, and would settle all the arrears within four years provided that he was spared time and was not sued.

However, Tuan failed to prove his financial capacity to pay all debts. Lenders also strongly disagreed with Tuan over the payment time that was said to be too long.

A lender told the Daily that about 100 people had sent letters of accusation to District 5 police but the authority had yet given an answer.

Lenders said they had deposited money at Tuan Tai with interest rates a little higher than at banks because Tuan Tai, one of the biggest private bullion traders in HCMC, was a legally-established entity that had maintained prestige for years.

When news broke out about the gold shop’s payment problem last month, police on November 16 came to freeze all assets of the company. The final amount of debts owed by the bullion trader remained unknown.

Tags: Vietnam gold market, Vietnam gold price