Key leaders simultaneously resigned, including the Chairman and Vice Chairman of the Board of Directors
On April 15, Ocean Group – Ocean Group (CK code: OGC) announced that it had received the resignation letter of a series of key personnel in the group, including 3/5 members of the Board of Directors, 2/3 members of the Supervisory Board.
Specifically, the members of the Board of Directors who submitted their resignations were Mr. Mai Huu Dat – Chairman of the Board of Directors of the Group, Mr. Nguyen Thanh Trung – Vice Chairman of the Board of Directors and Ms. Nguyen Mai Phuong. The members of the Supervisory Board who submitted their resignations were Ms. Nguyen Huong Nga – Head of the Supervisory Board and Mr. Nguyen Thanh Tung.
It is known that, before resigning, Mr. Trung and Ms. Nga both withdrew all of their capital contributions at OGC. Accordingly, Mr. Nguyen Thanh Trung sold 13.5 million shares, equivalent to 4.5% of share capital, Ms. Nguyen Huong Nga sold 7.96 million shares, equivalent to 2.65% of share capital and her sister. Nguyen Minh Hanh sold 6.56 million shares, equivalent to 2.19% of share capital. In addition, Mr. Lo Hong Hiep – General Director of OGC also sold 3 million shares, equivalent to 1% of share capital.
The above leaders submitted their resignations in the context of the next 2 weeks, the 2022 Annual General Meeting of Shareholders of OGC on April 29, 2022. Due to many disagreements between the management and the group of shareholders, OGC was unable to successfully organize the 2021 Annual General Meeting of Shareholders (First time due to insufficient number of shareholders, second time because the Board of Directors did not approve the request to supplement the program. meeting of a group of shareholders holding 51% of the shares).
Specifically, in the period from October to November 2020, a group of shareholders acquired about 51% of OGC shares and 22.3% of shares in OGC’s subsidiary, OCH Hotel and Services JSC (OCH). . After that, this group of shareholders fully authorized IDS Equity Holdings (IDS) all rights and obligations as OGC shareholders.
Regarding business results in 2021, OGC recorded net revenue of VND 409 billion and profit after tax of VND 105 billion, down 55% and 49% respectively over the same period. The main reason is still the sharp decline in business activities of its subsidiary, OCH Hotel and Service Joint Stock Company, which was heavily affected by the Covid-19 epidemic.
By the end of 2021, OGC still has accumulated losses of VND2,523 billion. The main reason for this is the need to continuously make provision for bad debts.
In 2022, OGC sets a very cautious business plan with the target of profit after tax plummeting to 82% compared to the previous year, to VND 18 billion, the lowest since the group became profitable again in 2018. In contrast, total consolidated revenue is expected to increase by more than 80% y/y to VND 937 billion.
Ocean Group used to be one of the largest multi-industry corporations in Vietnam with a market capitalization of more than 10 trillion dong.
However, in 2014, Mr. Ha Van Tham – founding member and chairman of the company’s Board of Directors at that time was arrested and in 2017, Mr. Tham was sentenced to life in prison for many crimes including embezzlement, abuse Using positions and powers to appropriate property, violating regulations on lending, intentionally doing wrong, causing serious consequences.
After Mr. Tham was arrested, Ocean Group also fell into difficulties, losing thousands of billion dong. A series of businesses related to Mr. Tham had to sell off mortgage OGC shares at the request of the bank. Ocean Group’s ownership structure has undergone a drastic change. OGC also sold most of its valuable assets such as: Mischief land, Ocean Mart, Phuong Dong Hotel,… but still could not help improve its financial situation.
at Blogtuan.info – Source: Soha.vn – Read the original article here
