Customers conducting transactions at an Eximbank branch in Ho Chi Minh City |
A group of shareholders owning over 5% proposed the dismissal of the Chief Supervisor of Eximbank
After GELEX, Vietcombank becomes the second largest shareholder in Eximbank
Eximbank responds to the spread of information that caused a sharp sell-off of its shares
The Banking Inspection and Supervision Agency (State Bank of Vietnam) announced that through the synthesis of inspection conclusions at the Vietnam Export Import Joint Stock Commercial Bank (Eximbank), the bank still has existing violations, especially in credit activities, related to subjective errors leading to bad debts…. potentially risky for the bank’s operations.
To ensure the safe operation of Eximbank and compliance with legal regulations, the Banking Inspection and Supervision Agency issued a document on November 11, requesting the State Bank branches in provinces and cities to monitor, urge, and inspect the implementation of the recommendations for Eximbank in the inspection conclusions according to regulations and assigned functions and tasks.
At the same time, the State Bank branches in provinces and cities shall inspect, supervise, and closely monitor the operations of Eximbank branches in their respective localities, especially credit activities, to ensure Eximbank’s compliance with legal regulations.
The State Bank branches in provinces and cities shall consider and apply handling measures within their competence when detecting Eximbank’s non-compliance with legal regulations (if any).
A month ago (October 14), there was a sudden spread of information on social networks about the Eximbank Supervisory Board’s proposal and reflection sent to the competent authorities regarding the bank’s unsafe lending practices.
Just the next day (October 15), Eximbank issued a press release related to the document spreading on social media. Specifically, this document reflects an Emergency Petition and Reflection on Serious Risks Leading to Unsafe Operations of the Eximbank System (only the first page exists, and there are no signatures or seals).
Eximbank affirmed that the document spreading on social media is not a document of the Eximbank Supervisory Board and does not originate from the bank. At the same time, Eximbank stated that the bank is still operating stably, safely, and effectively, meeting the diverse financial needs of customers and partners.
Also related to the Eximbank Supervisory Board, recently, Eximbank announced the Resolution of the Board of Directors on proposing to the Extraordinary General Meeting of Shareholders to dismiss Mr. Ngo Tony from the position of member of the Supervisory Board of Eximbank at the proposal of the group of shareholders.
According to the content of the just-announced Resolution, on October 29, 2024, a group of shareholders owning over 5% of the total ordinary shares of Eximbank proposed to the Board of Directors of Eximbank to supplement the agenda and content of the 2024 Extraordinary General Meeting of Shareholders expected to be held on November 28, 2024, with the following content: “Dismissal of Mr. Ngo Tony from the position of member of the Supervisory Board of Eximbank due to the necessity according to Point e, Clause 4, Article 63 of the Charter; Point e, Clause 1, Article 45 of the Internal Governance Regulations; Article 15 of the Regulation on Organization and Operation of the Supervisory Board; Point d, Clause 1, Article 46 of the Law on Credit Institutions 2024; Clause 3, Article 160 of the Enterprise Law 2020.”
The reason given by the group of shareholders is: “Mr. Ngo Tony has abused/exploited his position and power and seriously violated the provisions of the Eximbank Charter and the Regulation on Organization and Operation of the Supervisory Board of Eximbank, which has had a severe impact on the interests of shareholders.”
Photo credit: Thy Tho
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