Thuduc House appoints yet another new chairman

Hoang joined the Ho Chi Minh City-based company’s board in late April. He replaced Duong Ngoc Hai, at the helm for a little over two months.

Thuduc House has appointed several chairpersons since the resignation of Le Chi Hieu in early February.

Hieu was its chairman for almost three decades and quit over health problems.

He was replaced by Lu Minh Son, who resigned a month later, citing personal reasons.

Son was succeeded by Hai, who submitted his resignation Thursday afternoon.

Some of Thuduc House’s key personnel, including two deputy directors and a board member, have also resigned since February.

The company was ordered in late 2020 to pay VND396 million ($17.3 million) in tax arrears, resulting in an annual loss of VND363 billion.

Last December, its former general director and some key personnel were arrested for allegedly falsifying value-added tax (VAT) refund documents to appropriate nearly VND366 billion.

Prolonged legal issues and financial hassles have dragged business down. The company reported a 97-percent decline in revenues year-on-year in the last quarter of 2021. For the full year it posted post-tax losses of VND525 billion.