HDTC had to temporarily lay off all employees because of running out of money.

As reported by Tuoi Tre , Ho Chi Minh City Police have prosecuted and detained Mr. Dinh Chi Minh - Chairman of the Board of Directors and General Director of HDTC Housing Development and Trading Joint Stock Company - for embezzlement.

Two HDTC presidents prosecuted

Mr. Dinh Chi Minh, Chairman of the Board of Directors and General Director of HDTC - Photo: TL

Mr. Dinh Chi Minh is the brother of Mr. Dinh Truong Chinh. Previously, at the end of October 2023, Mr. Chinh was prosecuted by Ho Chi Minh City Police in relation to land violations in the Vinafood 2 case.

HDTC is a real estate company headquartered in District 1, Ho Chi Minh City. This is also the company that caused a stir when it announced that all employees would be temporarily laid off due to "running out of money" at the end of last year.

The person who signed the notice was Mr. Dinh Chi Minh. Mr. Minh said that due to the current financial difficulties, the company has no source of income to pay salaries to leaders and employees.

"To adapt to the current operating situation, the board of directors has agreed to streamline the organization, retaining only key personnel to strengthen the company in the immediate future," said Mr. Minh.

Therefore, the company's leadership decided to notify all leaders and employees working at the company and its branches to "temporarily take unpaid leave pending work". The time starts from November 26, 2023 until the company has a new announcement.

Currently the HDTC website is inaccessible.

How did HDTC do business?

Not listed, HDTC's business situation is not fully updated.

However, documents at the 2023 annual shareholders' meeting revealed that the company's total revenue in 2022 reached VND830 billion, after-tax profit VND96 billion, and remuneration for the board of directors and supervisory board of more than VND8.3 billion.

By 2023, HDTC aims to achieve revenue of VND 1,000 billion, profit of VND 200 billion, and dividend payout ratio of 7%.

The results achieved in recent years have grown better than in the previous period (2012 - 2017). In previous years, HDTC's revenue fluctuated around 300 - 400 billion VND, while profits were around 30 - 50 billion VND.

As of 2012, the financial report shows that HDTC's revenue reached 236 billion VND, down 49% compared to the previous year, while its after-tax profit reached 38.8 billion VND, up 58%. By 2017, the company's revenue reached more than 393 billion VND, with a net profit of nearly 52 billion VND.

In the 2018 financial report, HDTC's total assets were at VND 3,930 billion, a sharp increase compared to nearly VND 930 billion at the end of 2012.

Mr. Dinh Truong Chinh - younger brother of Mr. Dinh Chi Minh - was elected as chairman since 2016. Mr. Chinh was prosecuted by Ho Chi Minh City Police in relation to land violations in the Vinafood 2 case in October 2023.

HDTC is the investor of more than 30 projects in many places across the country, but mainly concentrated in Ho Chi Minh City such as Binh Trung residential area (old district 2), Binh Tri Dong residential area (Binh Chanh), An Phu - An Khanh new urban area (district 2), An Suong residential area (district 12), To Hien Thanh apartment building (district 10), HDTC office building...

In addition, this real estate company also implements projects in Hue such as Lang Co spa & resort and Thien An golf course, or the Green Paradise project in Quy Nhon...

Source: https://tuoitre.vn/hdtc-tung-phai-cho-toan-bo-nhan-vien-tam-nghi-vi-can-tien-2024070320414033.htm