PE investors launch lawsuit against Mon Hue founder
They claim they had not approved the closing of the chain’s outlets.
Private equity investors into the Mon Hue restaurant chain are suing its parent company founder for irregular transactions and fraud.
As reported by VNExpress, the investor group filed a lawsuit with the HCMC People’s Court against Huy Nhat, founder of Mon Hue’s parent company, Huy Vietnam Food Processing JSC, over the recent closing of 80 outlets nationwide.
They claim that Huy Nha violated his managerial obligations and responsibilities by conducting unusual transactions with evidence of fraud, and that they had not approved the closures, which happened without an apparent business reason and cost 1,500 Vietnamese employees their jobs.
The group comprises foreign investment funds ADV Partners, AIF Capital, F&H Fenghe, Fortress Investments, Gryphus Capital and Welkin Capital. Together, they have poured US$70 million into Huy Vietnam since 2013.
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Photo credit: Vienvong
