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On December 14 the board had licensed the resignation of chairman Le Viet Hai, efficient January 1, and the appointment of outdoor director Nguyen Cong Phu as his alternative.

Hai’s son Le Viet Hieu was once named CEO additionally from January 1.

Hai, who has a 17.14% stake within the corporate, claimed he would stay chairman of the Founders Committee, which might advise the board of administrators and managers.

The resolution have been licensed by way of all 8 participants of the board, he stated additional.

But Phu pushed aside those claims, telling the media that the Founders Committee does now not have the authority to veto choices made by way of the board.

Besides, Hai needed to renounce as a result of some board participants had came upon “monetary wrongdoing” by way of him, he stated.

“I advised him ‘If you don’t renounce, we can name a board assembly and brush aside you.’”

Hai then fought again, calling for an peculiar board assembly on December 29 to speak about postponement of the choices approving his resignation, making Phu the brand new chairman and his son the CEO.

He advised the Ho Chi Minh Stock Exchange (HoSE) that the choices needed to be postponed as a result of there have been problems with the operation of the Founders Committee.

Postponing those choices would “enhance the criminal foundation and firmly determine a brand new governance fashion” and “make sure that the continuity of the corporate’s control on the time of the Lunar New Year,” he stated.

“Changing the criminal consultant will create a bottleneck for bills and settlements.”

But 4 out of 8 board participants declined to wait the assembly, and 5 is the minimal quorum wanted.

He convened a web based assembly on December 31 with the similar time table, however once more 4 participants, Phu, Duong Van Hung, Le Quoc Duy, and Albert Antoine refused to take part.

But Hai went forward, and the assembly mins stated 5 participants had been provide by way of together with Phu, who despatched a message at the Viber chat staff.

The assembly “licensed” the postponement of the December 14 choices, which means Hai will stay chairman for now.

Phu described it as Hai’s determined makes an attempt to scuttle his appointment as chairman.

The postponement of the December 14 choices don’t seem to be criminal, he advised the State Securities Commission of Vietnam (SSC).

He had to take over Hoa Binh to mend the issues brought about by way of Hai’s deficient control for years, he advised the watchdog.

Hai had incurred “unreasonable” bills on a subsidiary, he added.

Meanwhile, Hai advised his staff in a be aware that Phu and the opposite participants supporting him have an time table of taking on the corporate.

Since January 1 each Hai and Phu declare to be the criminal chairman of Hoa Binh.

Hai has stated that best statements coming from him are legitimate.

Phu, in reporting the placement to the SSC and HoSE, stated the board’s resolution to make him the chairman was once licensed by way of all 8 participants.

VnExpress discovered that Hai and Phu held a non-public assembly on Tuesday, however no bulletins had been drawing close.


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