On the same day, Lao Cai Gold Joint Stock Company received resignation letters from three leaders, including the chairman of the board of directors, a member of the board of directors, and the director who is also the legal representative.
Having recorded no net revenue for three consecutive years, Lao Cai Gold Company is still in the process of applying for a new mining license but has not yet received approval - Photo: NGOC PHUONG
On December 4th, Lao Cai Gold Joint Stock Company (GLC) announced a change in 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 her resignation as a member of the board of directors, director, and legal representative of Lao Cai Gold, citing "change of residence and career direction."
According to the 2023 annual report, in addition to her leadership role at Lao Cai Gold Company, Ms. Huyen also served as assistant general director of Ba Dinh Construction Investment Consulting Joint Stock Company.
On the same day that Ms. Que submitted her resignation (December 1st), 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 their resignations from their positions. Accordingly, both Mr. Duc and Mr. Hai stated that they wanted to resign for personal reasons.
On December 2nd, the board of directors of Lao Cai Gold issued a resolution dismissing the three individuals mentioned above from their positions.
At the same time, the board of directors also appointed three other people to replace them.
In this structure, Mr. Tran Quang Dang (born in 1958) holds the position of chairman of the board of directors, while Ms. Nguyen Thi Huyen and Ms. Pham Thi Thu Nguyet are members of the board of directors.
The changes in Lao Cai Gold's senior management team are taking place against the backdrop of the company not recording any revenue from sales or services for three consecutive years (from 2020 to 2023).
According to the audited financial report for 2023, Lao Cai Gold recorded accumulated losses of over 113 billion VND by the end of 2023, with negative equity of nearly 8.2 billion VND.
Despite being a company specializing in the extraction, processing, and production of gold concentrate, the independent auditors emphasized in the 2023 financial report that, 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 received approval. Furthermore, short-term liabilities exceeded the company's short-term assets by VND 22.11 billion.
In addition to the accumulated losses mentioned above, the auditors have significant doubts about the going concern ability of Lao Cai Gold.
Source: https://tuoitre.vn/bien-dong-mot-cong-ty-vang-tu-chu-tich-den-nguoi-dai-dien-phap-luat-deu-tu-nhiem-20241204223351378.htm
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