RICONS CONSTRUCTION INVESTMENT JOINT STOCK COMPANY
Dear Shareholders, Customers, and Business Partners,
In recent days, a flood of misleading material on social media regarding bankruptcy proceedings has negatively impacted Ricons by a great amount. The firm’s reputation and business operations suffered as a result, as will unneeded friction between the parties. Ricons would like to send the following information to Shareholders, Customers, and Partners after learning about the spread of such content:
To begin with, the object required to initiate bankruptcy proceedings is Coteccons, not Ricons.
Second, the initiation of bankruptcy proceedings by Coteccons is the result of overdue bills that Coteccons acknowledged but prolonged for many years. Ricons has considered the most optimal debt recovery solution and has actively sent several official letters to Coteccons in efforts to propose solutions; in the process, Ricons also informed and updated Coteccons about the fact that Ricons had filed a request to initiate bankruptcy proceedings with the expectation of settlement before the Court accepted the application, in order to avoid potentially adverse consequences. Despite all this, the firm failed to obtain a positive answer from Coteccons.
For an enduring period, Ricons’ intention to settle debts and submit a petition to initiate bankruptcy proceedings was carried out in accordance with the law’s sequence and processes. The Court granted Ricons petition on July 4, 2023. The emphasis is on the fact that the above legal action is being taken solely to recover a long-overdue debt, as well as to protect the Company’s and Shareholders’ legitimate rights and interests, and to ensure payment to partners, subcontractors, and suppliers who have accompanied Ricons in the current difficult market situation.
Third, the case is still being decided by the Court. All arguments and conclusions linked to the dispute between the two corporations will be presented and settled at court, which will also offer comprehensive information and records concerning the case.
We expect our Shareholders, Customers, and Partners to be able to receive information objectively as a result of this statement. It is Ricons’ utmost priority to maintain the trust and collaboration of its Shareholders, Customers, and Partners.
