PS Lao Enterprise representatives have filed for the release of its two presidents and four managers in order that the company reopen business to repay debts for thousands of shareholders.
According to a notice issued by the Prime Minister’s Office, Mr. Keosingnouvong, Mr. Xay Douangsy, Mr. Vue Thor, and another 37,207 PS members have filed a bail application for the two top executives of PS Lao Enterprise.
The notice states that the Ministry of Justice and the Ministry of Public Security will coordinate to seek justice for thousands of PS Laos shareholders.
Meanwhile, authorities from relevant sectors have yet to reply to the bail request.
The former presidents of PS Lao Enterprise and certain top executives have been in prison since September 2017 in Vientiane Capital.
Two senior executives of PS Lao Enterprise were imprisoned after an angry mob of shareholders stormed the company headquarters demanding their investments be refunded.
PS Lao Enterprise, a limited corporation founded in 2012 as PS-Agriculture and Industry Development Import-Export Co, Ltd., has been prohibited from mobilizing deposits or raising financing.
It defrauded thousands of people by promising quick returns on investment if they purchased shares in the company.
The company produced several food items in Laos, including meat, fish, rice, and drinking water, as well as importing a variety of groceries and consumer goods and mobilizing deposits or raising funds.
PS Laos has over 70,000 shareholders across the country due to the company encouraging them to invest by providing a monthly interest rate as high as six percent before decreasing it to 4.8 percent, and then even lower to just 2.8 percent.
Thousands of PS Lao Enterprise depositors have been waiting for their reimbursement for over four years, with some of them placing massive sums of money with the company.
