Filmmaker's disastrous equitisation to face inspection

Deputy Prime Minister Truong Hoa Binh on October 2 urged the Government Inspectorate to conduct an inspection into the equitisation of Vietnam Feature Film Studio (VFS).



Filmmaker's disastrous equitisation to face inspection, entertainment events, entertainment news, entertainment activities, what’s on, Vietnam culture, Vietnam tradition, vn news, Vietnam beauty, news Vietnam, Vietnam news, Vietnam net news, vietnamnet ne

The headquarter of Vietnam Feature Film Studio in Thuy Khue Street, Hanoi.



The request was made following VFS staff’s opposition over policies of their new management board after equitisation, worrying that they would kill the firm.   

The Government Inspectorate has been required to report the inspection results to Prime Minister Nguyen Xuan Phuc before December 1 this year.

The equitisation of the loss-making VFS was completed in June this year, with 20% of its stake being held by the state, 65% by strategic investor Waterway Transport Corporation JSC (VIVASO), 5% by its employees and the remaining 15% by other investors.

However, in just over two months since equitisation, many employees only received part of their salaries while some have not yet been paid. 

They also complained that their offices and studios had been leased to shops and businesses and the remaining staff were cramped into smaller space.

Many of the employees were worried about the future of the studio as it seemed the VIVASO just wanted to make money from the property.

Props and costumes for film production had also been moved to a VIVASO storage facility some 40 kilometres from the studio and the management board has since rented out that storage space.

Following instruction by Deputy Prime Minister Vu Duc Dam on September 20, Nguyen Thuy Nguyen, Chairman of VIVASO admitted problems in the management of the equitised studio, adding that the management board would deal with the issues.

Dtinews

Filmmaker's disastrous equitisation to face inspection, entertainment events, entertainment news, entertainment activities, what’s on, Vietnam culture, Vietnam tradition, vn news, Vietnam beauty, news Vietnam, Vietnam news, Vietnam net news, vietnamnet ne
 
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