ITACO Launches Multi-Billion Dollar Arbitration Against Vietnam
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 Vietnam’s 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 ITACO’s subcontractor and a third party, a contract to which ITACO was never even a party.
ITACO – Vietnam’s 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
1 Businesswoman Dang Thi Hoang Yen – Starting a business from two hands, Cafeland, 27 December 2011.
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