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Wednesday, July 24, 2024

Louis Capital’s senior executives face ouster

The Saigon Times

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HCMC – Louis Capital JSC (TGG) has announced it would call for the dismissal of four board members and three supervisory board members at the upcoming general meeting of shareholders.

The four board members who are facing removal are Nguyen Mai Long, Trinh Van Bao, Ngo Thuc Vu, and Cao Ba Trung, while Nguyen Thi Kieu Lien, Ho Le Hoang Anh and Pham Minh Vuong may be relieved from the supervisory board.

Meanwhile, the firm wants to be renamed TGG JSC.

On April 20 last year, Do Thanh Nhan, board member of TGG, and Trinh Thi Thuy Linh, managing director of Louis Holdings Group, were arrested on alleged charges of stock market manipulation.

The investigative agency said that Nhan had admitted using multiple stock trading accounts to buy and sell shares of TGG and Louis Land and some other firms to manipulate their prices.

He earned over VND153.8 billion through illegal trading practices.

The TGG share price has plunged since, from VND15,300 on April 20 last year to VND3,340 on the session closing today, February 28.

On the HCMC bourse, the VN-Index edged up 3.43 points, or 0.34% over the previous session, to 1,028.56 after five consecutive falling sessions, with 222 winners and 151 losers.

Trade on the southern bourse contracted 27% in volume and 31% in value over the session earlier at nearly 432.6 million shares and over VND6,480 billion, including 57 million shares traded in block deals worth around VND914.2 billion.

HQC took the lead by liquidity today, with over 19 million shares changing hands, followed by bluechip HPG with 15.2 million shares traded.

The HNX-Index of the Hanoi exchange slid 0.89 points, or 0.44%, from the previous session, at 202.38, with 87 advancers and 77 decliners.

Trade on the northern bourse dropped by 20% in volume and value to nearly 53.8 million shares and nearly 756.9 billion.

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