Louis Capital replaces key personnel after run in with law

It followed the arrest of former board member Do Thanh Nhan.

The company announced the dismissal of chairman Nguyen Mai Long and vice chairman Trinh Van Bao last week.

Director Ngo Thuc Vu, chief accountant Phung Vu Tu Anh and the entire board of supervisors had resigned earlier.

Deputy director Vu Anh Sinh was named chairman in place of Long.

Vo Kiem Nguyen, 31, and Nguyen Thi Truc Linh, 36, have been hired as director and chief accountant.

Nhan, chairman of Louis Holdings and board member of Louis Capital and Louis Land, was detained in April pending investigation into suspected stock market manipulation between Jan. 4 and Oct. 6, 2021, Lieutenant General To An Xo, Chief of Office and spokesman for the Ministry of Public Security, said.

Louis Holdings remains the principal shareholder of TGG with a 14.3 percent stake despite selling 15 percent in early July.

TGG of Louis Capital and BII of Louis Land were the two stocks manipulated by Nhan and some accomplices, according to the State Securities Commission.

On its website, Louis Holdings no longer lists TGG as one of its related stocks, saying it has shifted its focus from property development and stock investment to agriculture and pharmaceuticals.

It is the parent of agricultural firm Angimex (stock code: AGM) and pharmaceutical company Ladophar (stock code: LDP).