The entire Rang Dong Plastic Board of Directors resigns

Recently, Rang Dong Holding Joint Stock Company (Rang Dong Plastic – RDP) announced the resignation of Mr. Ho Duc Lam – Chairman of the Board of Directors. He said for personal reasons, so he could not continue to undertake this position.

At the same time, the remaining four members include Mr. Ho Duc Dung, Bui Dac Thien, Nguyen Tran Vinh (member of the Auditing Committee) and Ho Van Tuyen (Chairman of the Audit Committee) also submitted an application from the positions of Lien Lien mandarin. All of them have stated the reason for the person who cannot arrange time. Thus, the Board of Directors of Rang Dong Plastic no longer has any members.

Mr. Dung is the son of Mr. Ho Duc Lam. According to the Management Report 6 months of 2024, Mr. Lam is the largest shareholder when holding 15.87% of RDP capital, and Mr. Dung holds 0.13%. Mr. Lam (born in 1962) has been working at Rang Dong plastic since 1989 and held the position of Chairman of the Board of Directors since 2005. Films, Rang Dong Healthcare …

The entire Board of Directors stopped when this business was in a serious crisis. In mid -February, the company was reminded by the Ho Chi Minh Stock Exchange (HOSE) to remind the late submission of financial statements in the fourth quarter of 2024 (parent company and consolidated) and report the situation of the company’s management in 2024 The second time. In addition, this business has also missed the time limit for submission of financial statements to review the semi -year -old and third quarter of 2024.

RDP shares are in the suspension of transactions since November 28 of the previous year due to continuous violation of regulations on information disclosure. If continuing not submitting the above reports, the management agency will handle violations to a higher level. According to current regulations, the most serious sanctions if the serious violation of information disclosure obligations is compulsory and delisted.

Earlier, at the end of January, the company received a notice from the People’s Court of Ho Chi Minh City to accept the request to open bankruptcy procedures. The subconscator is Rang Dong Films – a subsidiary owned by RDP 97.7%. The reason is that Rang Dong plastic is losing the solvency. Currently, the Court requires RDP to explain the cause, asset declaration and money in a bank account, a list of creditors and debtors.

In mid -December 2024, the company was fined by the State Securities Commission (SSC) for publishing false information. Specifically, profit after tax in 2023 in the fourth quarter/2023 financial statements is more than 17.3 billion dong, but the actual statement of the audited private financial statements is more than 117.6 billion dong. As for the consolidated report, the Company reported more than 26 billion dong, but the results after the audit were a loss of more than 146.7 billion dong.

RDP was also fined for not publishing the semi -year -old financial statements reviewed by 2024, private financial statements and consolidating audits in 2023, annual report in 2023, explaining audit comments with separate reports and consolidated in 2023.

In the document to SSC and HOSE, General Director Huynh Kim Ngan said that the company and the auditing organization did not close the financial statements to review the semi -year -old 2024. After that, the company had difficulties in personnel, especially the accountant quit much. Therefore, RDP does not complete the submission of financial statements in the third quarter of 2024 on time.

Rang Dong plastic used to be one of the leading enterprises in the plastic manufacturing industry. In the period before 2016, the company profit tens of billion. Then RDP moved to the Holding model (the parent company has many subsidiaries) and invests more real estate and industrial parks. In 2019, the profit peak was established with more than 70 billion dong and then collapsed in the following years.

RDP reported a record of nearly VND 147 billion ago, accumulated losses of nearly VND 206 billion and had short -term debts that exceeded the short -term assets of nearly VND 122 billion. These factors lead to doubts about the company’s ability to operate continuously. Also in 2023, Rang Dong plastic had to pay more than 178 billion dong for losing Sojitz Planet – the unit that used to be their strategic partners – on share purchase and sale contracts.

To overcome losses, the Board of Directors said that he would liquidate financial investments, recover partners debts, promote sales activities, negotiate banks to get more credit limits for production, Business and negotiation of partners to restructure the debt payment schedule. However, in the first half of 2024, the profit was still more than 64.5 billion dong and owed tens of billions of dong in taxes.