Posco VST-Thanh Nam Group judgement overruled

May 30, 2018 | 18:11

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The Hanoi People’ Court has announced that it was unlawful for the South Tu Liem Court to dismiss the lawsuit between Posco VST and Thanh Nam on the grounds that the statutory limitation has expired.

posco vst thanh nam group judgement overruled

The dispute is about a VND58 billion debt from 2013

According to Posco VST‘s petition, Posco VST and Thanh Nam Group signed a contract under which Posco VST was to supply stainless to Thanh Nam Group in 2010-2013. However, Thanh Nam Group could not meet the payment plan committed in a document released in December 2013 for a debt of more than VND58 billion.

Thus, Posco VST sued Thanh Nam Group at the South Tu Liem Court where Thanh Nam Group’s office is located since April 2014. However, “The consideration for admission of the lawsuit and the determination of the case at the Nam Tu Liem Court created an opportunity for Thanh Nam Group to evade its debts to us,” said Posco VST’s document sent to the prime minister.

The South Tu Liem Court decided to dismiss the case on the grounds that the statutory limitation has expired. In total, Posco VST sued Thanh Nam Group at the South Tu Liem Court three times with the same content.

The Hanoi People’s Court pointed out that South Tu Liem has delayed the admission of the lawsuit for consideration and was slow to reach a decision. Thus, the Hanoi People’ Court overruled the verdict of the South Tu Liem Court and returned the documents for further carefully consideration.

By Phuong Thu

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