Gold company in turmoil: From chairman to legal representative all resign

On the same day, Lao Cai Gold Joint Stock Company received resignation letters from three leaders, from the chairman of the board of directors, board members to the director and legal representative.

Having recorded no net revenue for 3 consecutive years, Lao Cai Gold Company is still in the process of applying for a new mining license but has not been approved - Photo: NGOC PHUONG

On December 4, Lao Cai Gold Joint Stock Company (GLC) announced that it had changed its legal representative. Accordingly, the company's new legal representative is Ms. Nguyen Thi Huyen.

Ms. Huyen's predecessor, Ms. Hoang Thi Que, had previously submitted a resignation letter from her position as a member of the board of directors, director and legal representative of Vang Lao Cai, citing "change of residence and career orientation".

According to the 2023 annual report, in addition to being a leader at Lao Cai Gold Company, Ms. Huyen is also an assistant to the general director of Ba Dinh Construction Investment Consulting Joint Stock Company.

On the same day Ms. Que submitted her application (December 1), Mr. Nguyen Tien Duc - Chairman of the Board of Directors and Mr. Nguyen Tien Hai - Member of the Board of Directors - also requested the company's Board of Directors to consider resigning from their positions. Accordingly, Mr. Duc and Mr. Hai both said they wanted to resign for personal reasons.

On December 2, the board of directors of Lao Cai Gold issued a resolution to dismiss the positions of the above 3 individuals.

At the same time, the board of directors also appointed three other replacements.

Of which, Mr. Tran Quang Dang (born in 1958) was appointed as Chairman of the Board of Directors, while Ms. Nguyen Thi Huyen and Ms. Pham Thi Thu Nguyet were members of the Board of Directors.

The change in senior personnel of Vang Lao Cai took place in the context that for 3 consecutive years (from 2020 to 2023), the enterprise did not record any revenue from sales and service provision.

According to the audited financial report for 2023, Lao Cai Gold recorded an accumulated loss of more than VND 113 billion by the end of 2023, with negative equity of nearly VND 8.2 billion.

As a company specializing in mining, processing and producing gold ore concentrate, the independent auditor emphasized in the 2023 financial report: As of December 31, 2023, Lao Cai Gold Company was still in the process of applying for a new mining license but had not yet been approved. At the same time, short-term debt exceeded the company's short-term assets by VND 22.11 billion.

Together with the accumulated losses as mentioned above, the auditors have significant doubts about the ability of Lao Cai Gold to continue as a going concern.

Source: https://tuoitre.vn/bien-dong-mot-cong-ty-vang-tu-chu-tich-den-nguoi-dai-dien-phap-luat-deu-tu-nhiem-20241204223351378.htm