The Loc Troi Board of Directors has recently appointed Mr. Pham Thanh Tho as Deputy General Director in charge of the grain sector, functional departments (except for finance), and Mr. Tran Thanh Hien as Deputy General Director in charge of production and business of seeds. These decisions took effect on November 29, 2024.
Mr. Tho and Mr. Hien are key leaders at Loc Troi’s member companies and currently hold no shares in LTG.
Mr. Pham Thanh Tho is a member of the Board of Directors of Loc Troi Agricultural Products JSC. He is also the Chairman of the Board of Directors of Angiang Real Estate JSC and Binh Duc Packaging JSC.
Mr. Tran Thanh Hien, on the other hand, is the Director of Loc Troi Plant Seeds JSC, Director of Loc Troi Agricultural Services Co., Ltd., and a member of the Board of Directors of Loc Troi Agricultural Supplies JSC.
In terms of operations, Loc Troi is preparing to hold an extraordinary general meeting for 2024 in An Giang province on the afternoon of December 20, with the shareholder list locked on November 12, to elect additional members to the Board of Directors and the Supervisory Board.
Recently, Loc Troi’s top management has undergone significant changes amid a financial crisis. In mid-October, Mr. Nguyen Tan Hoang, the former Chief Accountant of LTG, was appointed as the Company’s General Director following the dismissal of Mr. Nguyen Duy Thuan from this position in July 2024.
In related news, on November 18, Loc Troi organized a meeting in Can Tho city with nearly 600 agents from the Mekong Delta region to kick off the 2024-2025 winter-spring crop, aiming to implement a new business model of direct distribution.
Meeting with agents from the Mekong Delta region, organized by Loc Troi on November 18 in Can Tho
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Previously, according to a report by the An Giang Department of Agriculture and Rural Development, in the 2023-2024 winter-spring crop, Loc Troi owed more than 900 farmers in Phu Tan, Thoai Son, Chau Phu, Chau Thanh, and Tri Ton districts a total of over VND 245 billion for purchased rice.
Loc Troi announced that as of April 24, the company had made additional payments of nearly VND 57 billion to farmers. The remaining unpaid amount was over VND 204 billion. The company attributed this to difficulties in arranging bank loans, while international customers delayed payments, leading to a breach of commitments to farmers.
On May 20, Loc Troi announced that it had completed the payment of the remaining rice purchase debt, fulfilling its commitment to farmers and local authorities. Mr. Huynh Van Thon, Chairman of the Board of Directors of LTG, apologized to the farmers for this incident.
A Scandal Unveiled: Foreign Investors Exit Loc Troi Amid Corporate Governance Woes
Over the past five months, foreign shareholders have been consistently selling their stakes in Loc Troi Group Joint Stock Company (UPCoM: LTG). During this period, the company’s board of directors also removed Mr. Nguyen Duy Thuan from his position as General Director and subsequently issued a statement accusing him of deceitful behavior.
The Great Resignation: Another Member Steps Down from Loc Troi’s Supervisory Board, Leaving Just One Person Remaining
Mr. Tieu Phuoc Thanh has stepped down as the second member of the Loc Troi Group’s supervisory board, following in the footsteps of Ms. Nguyen Thi Thuy. Consequently, Uday Krishna now stands as the sole remaining member and head of the LTG’s supervisory board.
