Controversy Surrounding the Legalization of Mr. Kakazu Shogo’s Position as General Director
According to the minutes of the meeting, the hottest issue was the fierce debate over the position of STT’s General Director held by Mr. Kakazu Shogo – who also chaired the meeting. Some major shareholders argued that Mr. Kakazu was not approved by the General Meeting of Shareholders and that his leadership was contrary to the Company’s Charter. They bluntly questioned the legality of Mr. Kakazu’s title and his right to chair the meeting.
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In response, Mr. Kakazu affirmed that he had been appointed by the Board of Directors since 2014 in accordance with the Enterprise Law. He also stated that this had been reported at the 2014 and 2015 Annual General Meetings of Shareholders without any objections. His role as chairman was decided by the Board of Directors. He assessed himself to have fulfilled his responsibilities well and had never been disciplined.
Setbacks due to lawsuits and conflicts within the Board of Directors
The report at the meeting clearly stated that the company’s operations were being seriously hindered by some members of the Board of Directors and major shareholders. In 2024, only one out of three meetings of the Board of Directors convened by the Chairman was successfully held. Deliberate absence from meetings, unfounded complaints, and false accusations have hampered the company’s operations. Especially, the act of unilaterally submitting a bankruptcy petition by a member of the Board of Directors once caused a sharp drop in STT’s stock price and seriously damaged the company’s reputation.
In addition, the situation of “voluntarily requesting file inspection and then refusing access” by some individuals, as well as prolonged litigation over personnel, appointments, business licenses, etc., were assessed by the Board of Directors as destructive and paralyzing the management system. Due to the lack of consensus within the Board of Directors and major shareholders, STT was unable to expand the scale of its taxi business – an area that used to be a key development focus.
Tax burden and past violations
Financially, the company is facing a series of bad debts and tax obligations arising from previous years. Among them, 161,405 shares of STT owned by Mr. Dinh Quang Hien, the former General Director, have been seized but have not been handled so far due to ownership disputes with Mrs. Nguyen Thi Phuoc, Mr. Hien’s wife. STT considers this to be an act of bad faith aimed at prolonging the execution, seriously affecting the interests of the company.
The total uncollected debt amounts to more than 64 billion VND, including amounts from Mr. Dinh Quang Hien and a series of affiliated companies, most of which are no longer operating or have no secured assets.
The company is also burdened with a tax penalty of up to 7.3 billion VND, mainly due to violations during the 2007-2012 period related to incorrect tax declarations, illegitimate tax deductions, and preferential treatment for the wrong subjects. These violations all occurred during the tenure of Mr. Dinh Quang Hien as General Director.
The operations of the Board of Directors and the Supervisory Board have also been heavily affected. Many members of the Board of Directors do not send periodic reports, frequently miss meetings, or express unconstructive opposing views. The Supervisory Board has been almost inactive since 2016, with only one member remaining. Although the Board of Directors has proposed several times to elect additional members, these proposals have not been approved by the General Meeting of Shareholders.
Even the auxiliary business segments, such as the training center, are facing significant difficulties due to the lack of infrastructure, while the parent company does not have the capacity to invest. In this context, the current management team can only maintain a “stalemate” state instead of developing or expanding any business activities.
STT continued to report a loss of 579 million VND in 2024, bringing the total accumulated loss at the end of the year to nearly 109 billion VND. The company has not paid dividends since 2012, with the last dividend being in 2011 at a rate of 3% in cash. In the past 13 years, STT has hardly had a profitable year, except for a slight profit of 1.1 billion VND in 2014.
| STT’s dismal financial performance from 2012 to 2024 |
STT’s stock is currently restricted from trading and is only allowed to be traded on Fridays. The stock is currently at 1,900 VND/share, up 111% in the last 3 months but still down 10% over the year and has been below par value for 8 years, losing 75% of its value in over 3 years.
| STT’s steep decline since the beginning of 2022 |
– 15:58 23/06/2025
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