The Civil Judgment Enforcement Office of Cai Rang District ( Can Tho City) has just issued a decision to enforce the seizure and handling of assets of Mai Linh Tay Do Joint Stock Company - an enterprise belonging to the Mai Linh Group ecosystem - to enforce the first-instance civil judgment issued by the People's Court of Cai Rang District on May 30, 2024.

The seized property is the Mai Linh Express tourist ship, 40m long, more than 10m wide, with a total main engine capacity of 3,220KW, built by the Z189 factory of the Ministry of National Defense in 2019.

From 2021 to present, the ship has been operated by Mai Linh Tay Do Joint Stock Company on the Can Tho - Con Dao ( Ba Ria - Vung Tau ) route and vice versa.

The Mai Linh Express high-speed train used for the Can Tho - Con Dao tourist route has 338 seats, ticket prices range from 690,000-1,300,000 VND/person.

Mai Linh Express is considered the "golden goose" of Mai Linh Group, in the context of taxi market share increasingly narrowing under competitive pressure from technology taxi companies.

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Mai Linh Express high-speed train. Photo: Mai Linh Tay Do

According to the civil judgment issued by the People's Court of Cai Rang district, Mai Linh Tay Do Joint Stock Company was sued by Mr. Huynh Ngoc Minh T. (residing in Co Do district, Can Tho city) for violating the loan contract.

Previously, Mai Linh Tay Do borrowed 1 billion VND from Mr. T. from August 14, 2023 to December 31, 2023, with an interest rate of 12%/year. However, this company did not pay the principal and interest, forcing Mr. T. to file a lawsuit.

To date, Mai Linh Tay Do has only paid 220 million VND. The company representative also did not participate in the conciliation sessions convened by the Cai Rang District People's Court.

Mai Linh Tay Do Joint Stock Company is located at 30 Ly Thuong Kiet, Tan An Ward, Ninh Kieu District, Can Tho City. This enterprise belongs to the Mai Linh Group ecosystem, along with Mai Linh North, Mai Linh Central and Mai Linh South.

In addition to passenger transport by taxi and high-speed train, Mai Linh Group, chaired by businessman Ho Huy, also participates in logistics, labor export, study abroad, insurance, etc.

According to the latest financial report released by Mai Linh, in 2023, the group achieved net revenue of VND 1,589 billion, down 3% compared to 2022.

However, business management costs are still very high, causing after-tax profit to only reach nearly 4 billion VND.

With consecutive losses for many years, Mai Linh Group recorded an accumulated loss of VND 1,306 billion at the end of 2023, while its equity was only VND 1,246.6 billion.

By the end of 2023, Mai Linh's liabilities increased by VND 70 billion, to VND 4,076 billion.

Source: https://vietnamnet.vn/cuong-che-xu-ly-no-ga-de-trung-vang-cua-tap-doan-mai-linh-2404495.html