Ocean Bank freezes Pamco’s account

10-Jan-2015 Intellasia | DVO | 6:00 AM Print This Post

As per the announcement of Pacific Asset Management Company (Pamco), on January 5, Ocean Joint Stock Commercial Bank (Ocean Bank) issued a letter informing the freezing of Pamco’s account at Ocean Bank at the request of the Investigating Policy agency under the Ministry of Public Security. The account block will be implemented till Ocean Bank receives written document from the agency on reopening the account.

Pamco is currently a major shareholder of Ocean Hospitality and Service Joint Stock Company (coded OCH) with the ownership rate of 5.97 percent. Pamco’s Chair of the Board Le Minh Thanh is currently Ocean Bank’s deputy general director.

Reportedly, Ocean Bank also announced to freeze the account of Ocean Group at the request of the Ministry of Public Security.

Pamco had sent a written explanation to the State Securities Commission. Accordingly, the blocked account is Pamco’s deposit in Ocean Bank, the escrow accounts of customers at the depository bank still operate normally and their interests are not affected. All activities of the company still take place as usual.

Pamco says as per the explanation of Ocean Bank, the reason for the account block is the bank equated Pamco’s credit as well as debt obligation to Ocean Bank with Pamco being entrusted by the bank.

Pamco requested Ocean Bank to send a written document to the Investigating Police agency under the Ministry of Public Security asking for unfreezing the account so that Pamco can make regular and reasonable payments in its activities.

Pamco says the company had no outstanding debts, loans, or guarantees for any credit organisations as well as for Ocean Bank.

The trustment contract on portfolio management was signed between Ocean Bank and Pamco and the two sides implemented final steps to liquidate (Pamco had only one OTC shares to transfer to Ocean Bank).

The unfinished refund of entrusted assets does not mean Pamco has financial obligation to Ocean Bank or any other third party. In addition, during the process of contract implementation, for all investment stocks, Ocean Bank is still the share owner and enjoys all rights (material and non-material) arising from the shares.

At Pamco’s extraordinary meeting on January 7, 2015, the company approved the dismissal of members of the board of directors for vice Chair of the Board Hoang Thi Hong Tu and Dinh Thi Anh Phuong. The two additionally elected people include Le Dinh Quang and Le Thi Quynh Trang.


Category: Finance, Vietnam

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