Recently, Rang Dong Holding Joint Stock Company (Rang Dong Plastic - RDP) announced the resignation of Mr. Ho Duc Lam, Chairman of the Board of Directors. Mr. Lam said that due to personal reasons, he could no longer hold this position.
At the same time, the remaining 4 members including Mr. Ho Duc Dung, Bui Dac Thien, Nguyen Tran Vinh (members of the Audit Committee) and Ho Van Tuyen (Chairman of the Audit Committee) also submitted their resignations from their related positions. All cited personal reasons of not being able to arrange time. Thus, the Board of Directors of Rang Dong Plastic no longer has any members.
Mr. Dung is the son of Mr. Ho Duc Lam. According to the 6-month management report in 2024, Mr. Lam is the largest shareholder, holding 15.87% of RDP's capital, while Mr. Dung holds 0.13%. Mr. Lam (born in 1962) has worked at Rang Dong Plastic since 1989 and has held the position of Chairman of the Board of Directors since 2005. In addition, he is also the head of subsidiaries such as Rang Dong Long An Plastic, Rang Dong Films, Rang Dong Healthcare...
The entire Board of Directors resigned when the company fell into a serious crisis. In mid-February, the company was reminded by the Ho Chi Minh City Stock Exchange (HoSE) for the second time about the delay in submitting the financial report for the fourth quarter of 2024 (parent company and consolidated) and the corporate governance report for 2024. In addition, the company also missed the deadline for submitting the audited financial report for the first half of the year and the third quarter of 2024.
RDP shares have been suspended from trading since November 28 last year due to repeated violations of information disclosure regulations. If the above reports are not submitted, the regulatory agency will take further action. Under current regulations, the most severe penalty for serious violations of information disclosure obligations is mandatory delisting.
Previously, at the end of January, the company received a notice from the Ho Chi Minh City People's Court accepting a petition to open bankruptcy proceedings. The petitioner was Rang Dong Films - a subsidiary 97.7% owned by RDP. The reason was that Rang Dong Plastics was insolvent. Currently, the court requires RDP to explain the reasons, declare assets and money in bank accounts, and list creditors and debtors.
In mid-December 2024, the company was fined by the State Securities Commission (SSC) for disclosing false information. Specifically, the 2023 after-tax profit on the fourth quarter 2023 financial report was more than 17.3 billion VND, but in fact the audited separate financial report was negative more than 117.6 billion VND. As for the consolidated report, the company self-reported a profit of more than 26 billion VND, but the audited result was a loss of more than 146.7 billion VND.
RDP was also fined for failing to disclose the 2024 audited semi-annual financial statements, the 2023 audited separate and consolidated financial statements, the 2023 annual report, and the explanation of the audit opinion on the 2023 separate and consolidated statements.
In a document sent to SSC and HoSE, General Director Huynh Kim Ngan said that the company and the auditing organization failed to finalize the audited financial report for the 2024 semi-annual period on time. After that, the company encountered difficulties with personnel, especially many accountants quit. Therefore, RDP failed to complete the submission of the third quarter 2024 financial report on time.
Rang Dong Plastic used to be one of the leading enterprises in the plastic manufacturing industry. Before 2016, the company made tens of billions of dong in profit. After that, RDP switched to a holding model (a parent company with many subsidiaries) and invested more in real estate and industrial parks. In 2019, the profit peaked at more than 70 billion dong and then fluctuated in the following years.
RDP reported a record loss of nearly VND147 billion last year, an accumulated loss of nearly VND206 billion, and short-term debt exceeding short-term assets by nearly VND122 billion. These factors have led to doubts about the company's ability to continue operating. Also in 2023, Rang Dong Plastics had to pay more than VND178 billion in compensation for losing a lawsuit against Sojitz Planet - a former strategic partner - over a share purchase contract.
To overcome the loss, the management board said it would liquidate financial investments, collect partner debts, boost sales activities, negotiate with banks for additional credit lines to serve production and business, and negotiate with partners to restructure the debt payment schedule. However, in the first half of 2024, the profit was still more than 64.5 billion VND and owed tens of billions of VND in taxes.
VN (according to VnExpress)Source: https://baohaiduong.vn/toan-bo-hoi-dong-quan-tri-nhua-rang-dong-xin-tu-nhiem-405988.html
Comment (0)