Monday , December 11 2023

Thuduc House chairman quits within one month of taking over

Lu Minh Son, the interim chairman of HCMC-based housing developer Thuduc House, is set to quit after just a month at the helm.

He submitted his resignation Monday citing personal reasons. Son was elected to the job on Feb. 9 for the period until Apr. 20, when the company’s annual general meeting is scheduled.

He replaced Le Chi Hieu, the chairman for nearly three decades.

Soon after his inauguration, two deputy directors and a board member resigned, including Hieu’s brother, Le Chi Thu Khoa.

The personnel changes took place after the company was ordered in late 2020 to pay VND396 billion ($17.3 million) in tax arrears, resulting in losses of VND363 billion for the year.

In January 2022, it was ordered to pay another VND111.4 billion in tax arrears.

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

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