PHI Group Inc. has entered into a significant agreement to establish an International Financial Center in Vietnam, as per the latest 8-K filing with the Securities and Exchange Commission. On July 5, 2024, the management services company, which is also known as Philux Global Group Inc., finalized a consultancy agreement with Dr. D’Orleans de France Benedict Carl William.
The agreement is a comprehensive plan to develop and operate an integrated Asian Diamond Exchange and International Financial Center on the Thanh Da Peninsula, Ho Chi Minh City. Dr. William has been leading a group of experts since January 2018 for the setup of the Asian Diamond Exchange in Vietnam and will now extend his expertise to include the establishment of the International Financial Center.
The consultancy services provided by Dr. William encompass legal and regulatory framework development, ensuring economic and financial stability, infrastructure planning, human capital acquisition, institutional support, and strategic positioning. Additionally, the agreement outlines the need for robust risk management, innovation, and sustainability, along with fostering international relations.
The term of the engagement is set for two years, with the intention to complete the project within six months, subject to both parties meeting their respective obligations. PHI Group has agreed to compensate Dr. William with a total of $15 million for his services, with the payment schedule to be decided privately.
In other recent news, PHI Group Inc. has signed a $25 million consultancy deal with Dr. D’Orleans de France Benedict Carl William, also known as Ben Carl Smet, to advance several projects in Vietnam. This includes the establishment of a bank fund in Luxembourg, the Asian Diamond Exchange, and the International Financial Center. These ventures have been in progress since 2017, with Dr. Smet playing a key role in their development and the consultant’s financial support.
Dr. Smet’s contributions include the creation of the Luxembourg bank fund, Philux Global Funds, which was fully approved by the Luxembourg Bank Regulator in 2020. He has also been spearheading the setup of the Asian Diamond Exchange since January 2018, ensuring compliance with the Kimberly Process Certification Scheme.
The agreement, which took effect on June 27, 2024, is for a five-year term and outlines the consultant’s role, compensation, and termination provisions. Furthermore, the consultant has initiated a project to establish an International Financial Center on Thanh Da Peninsula, with the aim of replicating the success of similar projects in Dubai.
The deal also foresees the establishment of a financial institution in Botswana, with the consultant pledging to donate 50% of his voting shares to PHI Group upon fulfillment of financial obligations. These recent developments mark a significant step for PHI Group as it aims to expand its operations in Vietnam and establish a presence in the global diamond trade and financial services industry.
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