Loc Troi Group JSC (code: LTG) has recently announced its receipt of Decision No. 1901/QD-TCT dated November 27, 2024, from the General Department of Taxation regarding administrative sanctions for tax violations in 2023.
Accordingly, Loc Troi was fined a total of VND 5.011 billion. This includes VND 600.2 million in value-added tax, VND 3.266 billion in corporate income tax, VND 307 million in late payment interest, and VND 837 million in administrative fines.
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Loc Troi received the administrative sanction for tax violations amidst changes in its senior management team.
On November 29, Loc Troi appointed Mr. Pham Thanh Tho as Deputy General Director in charge of the grain sector and functional departments (excluding finance), and Mr. Tran Thanh Hien as Deputy General Director in charge of production and business of seedlings.
Mr. Tran Thanh Hien is currently the Director of Loc Troi Crop Seedling JSC, Director of Loc Troi Agricultural Services Co., Ltd., and a member of the Board of Directors of Loc Troi Agricultural Supplies JSC.
Meanwhile, Mr. Pham Thanh Tho is a member of the Board of Directors of Loc Troi Agricultural Products JSC, Chairman of the Board of Directors of An Giang Real Estate JSC, and Binh Duc Packaging JSC.
Previously, the company appointed Mr. Nguyen Tan Hoang as General Director from October 16, 2024. Mr. Nguyen Tan Hoang, born in 1977, had resigned from the position of Chief Accountant of Loc Troi on the same day due to work reasons.
In addition, Mr. Hoang also holds important positions in the company’s subsidiaries, including General Director of Loc Troi Agricultural Products JSC, Chairman of the Board of Directors of Quan Nong Xanh JSC, Chief Accountant of Loc Nhan Food JSC, and Chairman of the Members’ Council of Vinh Hoa Cam Oil Extraction Co., Ltd. He currently holds 15,000 shares of Loc Troi, equivalent to 0.015% of the charter capital.
At the upcoming extraordinary general meeting of shareholders in 2024, scheduled for December 20, Loc Troi Group will propose the dismissal of Mr. Johan Sven Richard Boden from the position of member of the Board of Directors for the term 2024 – 2029 and the election of one additional member to the Board.
Mr. Johan Sven Richard Boden was elected as a member of the Board of Directors of Loc Troi Group on June 26, 2024, and submitted his resignation just two months after taking office.
Regarding the Supervisory Board, Loc Troi Group will also propose the dismissal of Ms. Nguyen Thi Thuy and Mr. Tieu Phuoc Thanh from the position of members of the Supervisory Board and the election of two new members to the Supervisory Board for the term 2024 – 2029.
Ms. Nguyen Thi Thuy submitted her resignation on July 22, while Mr. Tieu Phuoc Thanh submitted his resignation from the position of member of the Supervisory Board on September 6.
Loc Troi has not yet published its Q2/2024 and reviewed semi-annual financial statements for 2024, as well as its Q3/2024 financial statements. The company has sent documents to the State Securities Commission of Vietnam and the Hanoi Stock Exchange to request a delay in publishing these reports.
According to a document dated October 30, 2024, Loc Troi is facing some force majeure events that require strengthening the stability of capital for production and business activities, and the entire company must focus on addressing immediate financial issues.
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