According to the Decision from the Civil Judgment Enforcement Department of Ho Chi Minh City, until the case is resolved by the effective Decision or award of the Arbitration Council, the Vietnam International Arbitration Center (VIAC), Mr. Viet Hai will continue to hold the position of Chairman of the Board of Directors (BOD) and Legal Representative of Hoa Binh Construction Group.
According to a press release from HBC, the Ho Chi Minh City Civil Judgment Execution Department forced this unit to suspend the implementation of Resolutions 50 and 51 with five main contents: accepting the resignation of the Chairman of the Board of Directors; his resignation as a member of the Board of Directors Le Viet Hai; appointed General Director for Mr. Le Viet Hieu (the son of Mr. Hai); established the Founding Council and appointed independent member of the Board of Directors Nguyen Cong Phu to the position of Chairman of the Board of Directors of the Group.
Resolution 53 was later issued to postpone the implementation of the above two Resolutions, which was also requested by the Ho Chi Minh City Civil Judgment Execution Department “until the case is resolved by the decision or judgment of the Council”. referee”.
The decision of the City Civil Judgment Execution Department was made on the basis of a request from the Arbitration Council of the Vietnam International Arbitration Center (VIAC) Ho Chi Minh City branch. Previously, this arbitral tribunal applied an urgent measure to temporarily postpone the above three resolutions according to a petition from a shareholder of Hoa Binh Construction Group.
Temporary urgent measure means a measure applied during the settlement of a civil case in order to meet the urgent needs of involved parties, preserve property status, protect evidence or ensure judgment enforcement.
This is the latest development after three weeks of a dispute between Mr. Le Viet Hai and Mr. Nguyen Cong Phu. Specifically, on December 14, 2022, the Board of Directors of Hoa Binh Construction Group issued Resolution No. 50, in which Mr. Hai resigned from the position of Chairman of the Board of Directors to ensure the legality of Le Viet Hieu’s son. assume the position of General Director. Resolution No. 51 on the same day appointed Mr. Nguyen Cong Phu – an independent member of the Board of Directors – as Chairman of the Board of Directors instead of Mr. Hai.
However, on December 31, 2022, Resolution No. 53 was issued to postpone the approval of Mr. Hai’s resignation as a member of the Board of Directors; At the same time, Mr. Nguyen Cong Phu has not been elected to the position of Chairman. The members of the Board of Directors of Hoa Binh including Mr. Phu, Mr. Le Quoc Duy, Mr. Duong Van Hung and Mr. Albert Antoine rejected and affirmed that this Resolution was invalid. The two sides then gave arguments to affirm their views.
In the current shareholder structure of Hoa Binh Construction Group, Mr. Le Viet Hai’s family is the largest group of shareholders holding a total of more than 21% shares. In addition, Hoa Binh Construction Group has two other major shareholders: Hyundai Elevator Co., Ltd (holding 10.2% of charter capital), Sanei Architecture Planning (holding 1.8% of charter capital), nearly 67 The remaining % shares are held by other shareholders.
