On June 8, TDH shares of Thuduc House Company jumped to the ceiling price of VND5,850. This was quite surprising when recently, Mr. Nguyen Huy Hoang - Chairman of the Board of Directors of Thuduc House submitted a resignation letter from the position of Chairman as well as a member of the audit committee of this enterprise. In the resignation letter, Mr. Nguyen Huy Hoang said that he has a separate business plan so he cannot continue to hold the positions at Thuduc House. He hopes to be approved to withdraw from the Board of Directors and terminate his membership of the Board of Directors from the date of approval by the General Meeting of Shareholders.
Chairman of the Board of Directors of Thuduc House suddenly resigned
Mr. Nguyen Huy Hoang was appointed as Chairman of Thuduc House and member of the company’s audit committee in June 2022 while serving as an independent board member of the company. If the resignation is approved, the company will have a new chairman less than two years after the former leaders were arrested in a fraud case.
Thuduc House Chairman suddenly resigns while the company's case is being tried
Recently, Thuduc House has explained that its shares have increased to the ceiling for 5 consecutive sessions from May 14 to May 30. According to the company, the reason why TDH shares increased to the ceiling for 5 consecutive sessions is due to the supply and demand of the stock market, and investors' decisions to buy and sell are beyond the control of the company. In addition, the company has provided updates related to the company's operations. For example, after nearly 2 years of TDH shares being restricted from trading (only allowed to trade in the afternoon session), with many efforts to perfect the corporate governance system as well as ensure transparent and timely information to shareholders in compliance with the provisions of the law, on May 23, TDH shares were removed from the restricted trading list and were traded full-time from May 25...
On June 6, the Ho Chi Minh City People's Court held a first-instance trial of 67 defendants on 10 charges in the case at Thuduc House, including many officials of the Ho Chi Minh City Tax Department, Ho Chi Minh City Customs and related units. At Thuduc House, former General Director Nguyen Vu Bao Hoang, former Deputy General Director Nguyen Ngoc Truong Chinh, and former Chief Accountant Quan Minh Tuan were tried by the Ho Chi Minh City People's Court for two crimes: "fraudulent appropriation of property" and "violation of accounting regulations causing serious consequences".
Thuduc House continues to monitor the progress of the trial to protect the company's legitimate rights and interests, with the goal of minimizing Thuduc House's damages in the case (Thuduc House has deducted all costs in the 2021 financial report), and also requests the court to clarify the responsibility of each defendant in compensating for VAT damages of VND 365.5 billion to the Ho Chi Minh City Tax Department as well as the obligation for the related late payment amount.
From 2022 to now, the financial and real estate markets have been experiencing strong fluctuations, but unlike many businesses in the same industry, Thuduc House's operating cash flow is currently not under pressure from any debt. Thuduc House's net cash flow from consolidated business operations is positive, showing stability and positive developments in the company's business operations.
In addition to the real estate rental business that is bringing a stable source of income to the Company, Thuduc House is implementing the service of building townhouses and adjacent houses for existing customers at old projects of Thuduc House. Although there are still limitations and have not brought in a large source of revenue, it has initially achieved certain results.
Thuduc House continues to review and complete the legal procedures of unfinished projects to soon complete transfer procedures to partners such as: Phu My project, KNO Hiep Binh Chanh lOha, KNO Hiep Binh Phuoc 2.1 ha.
Regarding the recovery of legal business rights at Thu Duc Agricultural Wholesale Market, Thuduc House has filed a lawsuit against Thu Duc Agricultural Market Business and Management Joint Stock Company at Thu Duc City People's Court and sent a document to relevant agencies.
Tricks of the 'boss' on the run in the Thuduc House case
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