SVS: Board Resolution on bad debts and plan of next 6 months

SVS: Board Resolution on bad debts and plan of next 6 months

Viet Star Securities Corporation (Stock Code: SVS) announces the Board Resolution approved on 02/07/2012 on handing bad debts and plan for next 06 months as follows:

1. Supervisory Board is assigned to make proposal relating to debts difficult to recover and advance payments to ssuppliers not yet entered in the accounts (VND1,853,568,106) before  15/07/2012.

2. Approving decreasing adjustments in expenses, payables to sellers: VND987,144,247

Handling bad debts:

-       For assets without customers’ verification (VND4,916,384,644): setting up Provision for bad debts.

-       Debts relating to Mr. Nguyen Duy Ngoc and Nguyen Anh Tuan: demand payment according to the law.

-       Receivables from Phuc Ha Infrastructure Development and Investment (VND11,512,513,200): General Manager works with Mr. Vu Hong Su – Legal representative of Phuc Ha Infrastructure Development and Investment  - to define payment date. In case of over due, Viet Star Securities Corporation has the right to decide mortage assets, including 1000 m2 of land in Nam Xa La.

-       Bad debts as of 31/05/2012: VND20,708,551,906 (including VND4,916,384,644 mentioned above): setting up Provision for bad debts.

3. Plan for last 06 months of 2012:

-       Develop Brokerage services

-       The BOD and General manger is assigned to decide proprietary dealing within VND10 billion.

HNX