Investors file lawsuit against Huy Vietnam’s founder: VnExpress

The investors, which injected about $70 million into Huy Vietnam, has sued the founder and management board regarding the recent closure of Mon Hue restaurant chain.

Thier document states that the founder of Huy Vietnam has violated his managerial obligations and responsibilities, including unusual transactions and possible fraud.

This group of investors includes ADV Partners, AIF Capital, F&H Fenghe, Fortress Investments, Gryphus Capital and Welkin Capital. Since 2013, this group began investing in Huy Vietnam.

Investors of Huy Vietnam said that the recent closure of a series of restaurants was done without approval from the investors, nor for obvious commercial reasons. This decision also took away jobs of more than 1,500 Vietnamese employees.

Photo: nguoiduatin.vn

Recently, several people in Hanoi and Ho Chi Minh City denounced Mon Hue restaurant chain owes tens of billion dong debts from buying foods.

As noted, the last stores of Huy Vietnam in Ho Chi Minh City and Hanoi closed Wednesday morning while some said that the company initially planned to operate eight stores in Ho Chi Minh City until the end of this year.

Accordingly, Huy Vietnam Food Processing Co., Ltd. was established in June 2015. On its website, Huy Vietnam says it was operating Mon Hue, Pho Ong Hung, Great Bread & Cafe, Com Tho Chay, Pho 99, Iki sushi, Shilla Korean BBQ Restaurant, and Quang Kitchen Noodles.

Huy Vietnam is a 100% foreign-owned company, with the highest registered charter capital of VND1,200 billion, down to VND600 billion in April 2019. The company is co-founded by Huy Nhat. At its earliest development, the company has about 100 restaurant branches.

Related story: 

• Vietnam restaurant chain shuts down amid alleged unpaid debts

Source: VnExpress