Thuduc House dismisses another chairman

Thu Duc Housing Development Corporation (Thuduc House) dismissed its chairman Nguyen Huy Hoang last Friday along with board member Dam Manh Cuong.

However, Cuong is still general director and legal representative of the Ho Chi Minh City-based company.

In early June, Thuduc House announced the resignation of Nguyen Huy Hoang from the position of chairman and audit committee member for personal reasons

Hoang, born in 1975, has a bachelor's degree in economics. He was appointed chairman of Thuduc House and member of its audit committee in June 2022 while he was an independent board member. At that time, and within only four months, Thuduc House replaced its chairperson three times.

The company, listed on the Ho Chi Minh Stock Exchange (HoSE) as TDH, has also agreed to elect Nguyen Quang Nghia as a board member for 2022-2025, and Vo Thi Tuong Vy as an independent board member from Saturday.

Nguyen Quang Nghia, born 1978 in Hai Duong province, currently owns 21.1 million TDH shares, accounting for 18.75% of its charter capital.

Meanwhile, Vo Thi Tuong Vy, born 1996 in Dak Lak province, does not own any TDH shares. She gained a bachelor's degree in banking and finance law from the University of Economics and Law in 2018. In 2019-2020, she studied law at the Academy of Justice under the Ministry of Justice.

In 2018-2020, she worked as a legal specialist at Denco Law Office. From 2020 to 2022, she served as the head of the Secretariat of the Southern Commercial Arbitration Center.

In the first six months of the year, TDH reported revenue of over VND69 billion ($2.8 million), up 77% year-on-year but a loss of VND19 billion ($797,715), while in the same period last year, it made a profit of VND42 billion ($2.8 million).

On the HoSE, TDH finished at VND5,670 ($0.24) on Tuesday.

Last November, Nguyen Thi Bich Hanh, deputy director of the Ho Chi Minh City Tax Department, was arrested for alleged violations in the Thuduc House scandal.

It was the latest development of an investigation by the Ministry of Public Security's investigative agency (C03) into the case of fraudulently appropriating property; abusing positions and power to appropriate property; illegally transporting currency across borders; manufacturing counterfeit goods; and smuggling and receiving bribes in HCMC and some southern provinces involving Thuduc House.

Previously, C03 had proposed to prosecute Nguyen Vu Bao Hoang, general director of Thuduc House, and 32 others on charges of appropriating more than VND538 billion ($21.68 million) of VAT from the state; illegally transporting more than $51 million abroad and over $22 million from abroad to Vietnam; smuggling goods worth VND2.8 billion ($113,000); accepting bribes of more than VND7.4 billion ($298,000); and manufacturing and trading fake goods worth VND986 billion ($39.73 million).

The conclusion stated that from 2016 to 2020, Trinh Tien Dung, who has fled, directed people to set up "ghost" companies in Vietnam and abroad to take advantage of a state policy that encourages enterprises to export electronic components with a tax rate of 0%.

The investigative agency alleged that Dung had hooked up with official from the District 1, 3, and 5 tax departments, then together with Luu Thi Ngat, director of Khanh Hung Company, used 16 "ghost" companies to issue false VAT invoices, legalizing inputs for Thuduc House, Southwest Saigon Company and Hoang Nam Anh Company to claim VAT refunds.