Eximbank Denies Receiving SBV’s Decision on Inspection of Credit Activities
Eximbank affirms no receipt of SBV’s decision on inspection of credit activities
State Bank of Vietnam inspects Eximbank’s operations
Where does Eximbank want to relocate its headquarter to?
Shareholders attending Eximbank’s 2023 Annual General Meeting |
Mr. Vo Minh Tam, representing a group of shareholders owning 5.66% of the total shares of the Vietnam Export Import Commercial Joint Stock Bank (Eximbank), has just sent a petition to the bank’s Board of Directors to revoke Resolution No. 366/2024/EIB dated November 6, 2024, and simultaneously remove the content related to the dismissal of Mr. Ngo Tony from his position as a member of the Supervisory Board from the agenda of the upcoming Extraordinary General Meeting of Shareholders scheduled for November 28.
The above-mentioned group of shareholders believes that including the content related to the dismissal of Mr. Ngo Tony from his position as a member of the Supervisory Board in the agenda of the General Meeting of Shareholders violates the bank’s Charter, the regulations on the organization and operation of the Supervisory Board, the Law on Credit Institutions, and other relevant legal provisions.
According to Mr. Vo Minh Tam, the representative of this group of shareholders, on October 29, another group of shareholders proposed the dismissal of Mr. Ngo Tony on the grounds of disseminating the document “Urgent Petition and Reflection on Serious Risks Leading to Operational Safety Issues and the Risk of System Collapse at Eximbank”. However, they failed to provide any evidence proving that Mr. Ngo Tony was the one who disseminated the document.
After this document spread on the internet, Eximbank requested the intervention of competent authorities. However, up to now, these authorities have not concluded that Mr. Ngo Tony disseminated the document.
In addition, the reason for dismissing Mr. Ngo Tony does not fall under any of the cases stipulated in Article 45 and Article 46 of the Law on Credit Institutions 2024; Article 174 of the Enterprise Law 2020; and Articles 63, 67, and 68 of Eximbank’s Charter.
Mr. Tam argued that the Eximbank Board of Directors’ decision to include the dismissal of Mr. Ngo Tony on the agenda of the General Meeting of Shareholders, despite the lack of conclusions from the competent authorities, has eroded the trust of the stock market and investors in the bank’s management transparency. As a result, the EIB stock price of Eximbank plummeted by up to 4.63% at one point, causing significant losses to many shareholders.
“For the above reasons, we believe that the revocation of Resolution No. 366/2024/EIB/NQ-HDQT dated November 6, 2024, the removal of content related to the dismissal of Mr. Ngo Tony, and the rectification of information are necessary to limit losses, restore investor confidence, ensure transparency, and uphold the management capabilities and rule of law at Eximbank,” Mr. Tam stated in the petition.
Photo credit: Thy Tho
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