Business » Banking & Finance
Agribank appears at the bar
The Bank of Agriculture and Rural Development of Vietnam (Agribank) has been forced to pay VND38.5 billion for Cao Truong Son Company.
Recently, the Hanoi Municipal People’s Court ruled on Cao Truong Son Company’s lawsuit against Agribank.
In the first instance decision, it forced Agribank to pay Cao Truong Son Company VND38.5 billion under its guarantee obligation. Agribank also had to pay VND170 million for legal fees.
Last June, Cao Truong Son Company had signed two contracts worth more than VND50.1 billion to sell 2,830 tonnes of construction steel to a construction and industry equipment joint stock company. Agribank issued two letters of guarantee in case the buyer refuses to liquidate.
However, Cao Truong Son company only received VND11.6 billion and asked Agribank to implement its obligation but the bank refused.
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