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Mr. Duong Ngoc Minh did not receive remuneration for 6 consecutive years.

Sunday - 17/02/2019 04:52
The last time Mr. Minh received remuneration for the title of Chairman of Hung Vuong's Board of Directors was in 2013 with the amount of VND 10 million per month.
According to the report of the annual meeting at the end of this month, Hung Vuong Joint Stock Company (stock code: HVG) consulted shareholders through not paying remuneration to the Board of Directors and the Supervisory Board. This is the sixth year in a row Hung Vuong has done this since the business situation showed signs of going down.

The last time the company announced the remuneration for management was in 2013. At that time, Chairman Duong Ngoc Minh and members of the Board of Directors received VND 10 million a month, while members of the Supervisory Board received VND 5 million. .

The 2017-2018 financial statement also shows that the company does not pay salary and other related expenses to management, including the Board of Directors. Meanwhile, this amount was recorded in 2016-2017 year of 21 billion VND.
In addition to cutting remuneration, Hung Vuong also proposed shareholders not to pay dividends for the fourth consecutive year to overcome negative capital due to loss-making business, although the profit before tax target of this year is VND 100 billion.

Shareholders of this enterprise received the latest dividends in 2015, when the company issued more than 37.83 million common shares for the rate of 20% on charter capital. After completing the dividend distribution, undistributed profits on the separate financial statements were negative 424 billion. The company then had to transfer VND140 billion from development investment fund of profit to offset the deficit.

The financial statements for 2017-2018 period announced not long ago, showing that the liability of Hung Vuong is up to 6,440 billion dong. Although reducing VND 3,300 billion compared to the beginning of the year, bank loans still account for more than half of the structure of liabilities, equivalent to VND 3,358 billion.

The biggest creditor of the "king of pangasius" is the Bank for Investment and Development of Vietnam (BIDV) when the total balance in US dollars and Vietnam dong is up to 2,146 billion dong. These two terms expire in June and August this year respectively.

The company is chaired by Mr. Duong Ngoc Minh as a short-term loan of VND 620 billion from Vietcombank (Vietcombank) with an interest rate of 5.3-7% a year. This is the second most valuable debt, arising from mid-October 2017 and maturing at the end of March this year. However, by the end of September last year, the company had not paid the due loan amount of VND 550 billion and was asking the bank for approval of the payment period within the next eight years.

Author: Translated by CoPhieuViet.Com

Source: Vnexpress newspaper

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