HOUSTON–(BUSINESS WIRE)–Tan Tao Investment & Industry Corporation (�ITACO) (HOSE: ITA), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the Treaty) pursuant to the 1976 UNCITRAL Rules (the Arbitration).
ITACO, one of Vietnams largest publicly traded companies, was faced with no other choice but to commence the Arbitration after Vietnam sought to liquidate ITACO a multi-billion-dollar company on the basis of around USD 900,000 in debt that, it claimed, arose from a contract involving ITACOs subcontractor and a third party, a contract to which ITACO was never even a party.
ITACO Vietnams premier builder and operator of industrial parks was created in 1996 by Dr. Dangelas, its Chairwoman, in order to provide the manpower and material to create a platform with a one door service so that investors could set up in Vietnam without waiting for years of bureaucratic hurdles.1 ITACOs industrial parks have drawn thousands of foreign investors to Vietnam and transformed many areas of Vietnam by providing jobs and utilities to local citizens.
1 Businesswoman Dang Thi Hoang Yen Starting a business from two hands, Cafeland, 27 December 2011.
Contacts
Minh-Tam Tran (aka Tammy Tran )
Tammy Tran Attorneys At Law, LLP
832-372-4403
ttran@tt-lawfirm.com
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