Phuoc Son Gold Company is one of two subsidiaries run by Toronto-headquartered Besra Gold Inc. to operate two gold mines with a combined reserve of nearly 20 tons in the province. It was unclear if the province will also revoke the license of Bong Mieu, the other subsidiary, which has defaulted on nearly VND100 billion ($4.42 million) in taxes. They also blocked the exports of the companies, which have produced a total of 6.9 tons of gold since 2005. Small lender Viet A Bank, which acquired a 35 percent stake in the company last year, have reportedly sought permission to offer tax payment guarantee for Phuoc Son. Facing several shutdowns over the years, Phuoc Son and Bong Mieu accumulated VND1.02 trillion ($45.11 million) in losses and recorded debts of nearly VND2.5 trillion ($110.58 million), according to news website VnExpress.

Source: Thanhnien News July 13, 2016 08:26 UTC