According to an announcement, the Aristo Company is still anticipating the payment from China Glory International Investment Group Company, for the acquisition of the Venus Rock project in Ha River last May.
According to the agreement, China Glory was supposed to pay the amount of 241 million euros last August, however the payment is still pending.
Dolphin Capital, which owns 49.8 % of Aristo, stated that China Glory has assured that it will comply with the payment terms of the contract and also has invested additional € 5 million in the project design that was signed on May 17, 2013.
As the Chinese company supports, it’s in its final plans to obtain approval regarding the Chinese exchange control regulations which block the money transfer.
Although the € 5 million deposit from China Glory and the additional investment confirms the continued commitment of the project, the amount of € 241 million that was to be paid on August 21 2013, is still pending.
Dolphin stated that the late payment penalty is 6% per year.
The sale of Venus Rock Estates was announced on May 20.
