Housing developer Thuduc House promoted vice chairman Duong Ngoc Hai as chairman Tuesday in place of Lu Minh Son who resigned after being at the helm for just a month.
Hai, who was appointed vice chairman only last December, is the HCMC-based company’s third chairman since the beginning of February.
Son was named for the job in early February for the period until Apr. 20, when the company’s annual general meeting is scheduled.
But he submitted his resignation last Monday, citing personal reasons. He had replaced Le Chi Hieu, the chairman of nearly three decades, after he resigned due to health problems.
Soon after Son’s inauguration, the company reported that two deputy directors and a board member had resigned.
The company was ordered in late 2020 to pay VND396 million ($17.3 million) in tax arrears, resulting in losses of VND363 billion for the year.
Last December, its former general director and some key personnels 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.
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