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Agel Vietnam unexpectedly shuts down! |
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published by Netcoo Editorial Office
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Friday, 12 August 2011 |
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 Agel Vietnam has closed down unexpectedly, leaving tens of thousands of dealers in financial limbo. The information has spread like a wildfire, causing panic and confusion among the company's more than 30,000-strong sales team. While many newcomers to the network, who paid 15 million Dong (700 Dollars) for starter kits now have no way of sourcing their products, thousands of long-standing independent distributors fear they will never receive their commissions.
After the company filed for bankruptcy, distributors sent several petitions to Vietnamese authorities and the Agel holding company headquarters in the US. However, Agel U.S. maintains that it is not responsible for the losses and that sole responsibility rests with Agel Vietnam in this matter. Distributors are now considering a class-action law suit against the company’s director.
Reasons for the move to cease operations remain unknown as the company headquarters remains unresponsive to enquiries. Agel Vietnam was established in 2008, at its peak during 2009-10 the network thrived with 50,000 dealers, but numbers had shrunk to 30,000 dealers in recent times.
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