qh88 app平台Minh Phú Seafood shares fall on investigation of tax evasion

2024.03.26 22:12:11

Minh Phú Seafood shares fall on investigation of tax evasion

HÀ NỘI – Minh Phú Seafood Corp shares fell for a second day after the company confirmed it would co-operate with the US investigation into whether the Vietnamese firm had evaded anti-dumping taxes or not.

The statement was made after international and local media last weekend reported the US Customs and Border Protection (CBP) had launched an investigation into whether MSeafood, a US division of Minh Phú Seafood, violated US trade laws by evading anti-dumping taxes on frozen warmwater shrimp from India.

Minh Phú Seafood shares fall on investigation of tax evasion

A report on undercurrentnews.com on January  一 六 said the CBP had sent a letter to MSeafood Corporation, located in Fountain Valley, California, regarding the initiation of investigation and interim measures.

In the letter, the CBP’s acting director of Trade Remedy and Law Enforcement Directorate informed Minh Phú Seafood chairman Le Van Quang about the formal investigation as the CBP had found evidence that “supports a reasonable suspicion that MSeafood entered covered merchandise into the customs territory of the United States through evasion” and the CBP had imposed interim measures.

The investigation was initiated upon “an allegation submitted by the Ad Hoc Shrimp Trade Enforcement Co妹妹ittee (AHSTEC) on evasion of anti-dumping duties by MSeafood,” the letter said.

The AHSTEC claimed MSeafood imported Indian-origin frozen shrimp into the US, which was transshipped through Viet Nam, the letter said.

Minh Phú Seafood Corp has responded it had not received any official inquiries from the CBP and the interim measures were based only on evidence provided by AHSTEC without asking for co-operation from Minh Phú Seafood.

The firm’s US lawyer had registered with the Enforce and Protect Act (EAPA) to deliver evidence so the final measures could be made, the company said.

“Minh Phú does not export finished Indian shrimps to the US. The company only buys raw materials for processing,” the firm said, adding some information provided by CBP regarding its production and imports was inaccurate.

The company said it would fully co-operate with US regulators to settle the case.

In  二0 一 九, Minh Phú Seafood’s total production was down  九.0 五 per cent on-year to  五 九, 五00 tonnes.

Total exports were  五 七, 七00 tonnes, worth US$ 六 四 三 million. The figures were down  一 四. 六 九 per cent and  一 四. 二 五 per cent on-year.

In the US market, the company recorded a  一 九. 五 七 per cent annual drop in its exports, which retreated to $ 二 四 六 million.

Minh Phú Seafood shares (UPCoM: MPC) dropped  一. 七 per cent to end Monday at VNĐ 二 二, 五00 ($0. 九 七) per share. Its shares tumbled  六. 二 per cent on Friday after the investigation was reported. – VNS