Rang Dong Holding JSC (HoSE: RDP) has recently experienced upheaval at its top level, with all five members of board of directors submitting resignation letters.

Among them, Ho Duc Lam, Chair and board member, and his son Ho Duc Dung, a BOD member, both resigned from their positions for personal reasons. Lam is the younger brother of former Deputy Minister of Industry and Trade Ho Thi Kim Thoa.

If the resignation letters of all five leaders of Rang Dong Holding are approved by the shareholders’ general meeting, the longest-standing plastics company in southern Vietnam will need to elect new board members.

This leadership shakeup occurs amid Rang Dong Holding facing penalties for information disclosure violations, its RDP stock being suspended from trading, and a subsidiary requesting bankruptcy proceedings.

In December 2024, Rang Dong Holding was fined VND250 million for not disclosing audited separate and consolidated financial statements for 2023, and for publishing inaccurate financial information. 

Recently, the HCM City People’s Court accepted a request to initiate bankruptcy proceedings against the company.

Explaining the delay in submitting 2023 financial statements, Rang Dong Holding cited difficulties in personnel. Many accounting staff quit their jobs, which prevented the company from completing reports on time.

On February 24, the HCM City Stock Exchange (HOSE) issued the third reminder to Rang Dong Holding for tardiness in submitting financial statements for Q4/2024 and its 2024 corporate governance report.

Business linked to Thoa suffers heavy losses

Besides serving as Chair of the board of directors and holding nearly 7.8 million RDP shares (nearly 16 percent) at Rang Dong Holding, Lam is the older brother of Ho Quynh Hung, Chairman of the board of directors. of DienQuang JSC (HoSE: DQC).

Rang Dong Holding and its subsidiaries became related companies of Dien Quang in 2020.

At Dien Quang, as of late January 2025, Ho Quynh Hung owned 2.5 million DQC shares (7.33 percent), while Ho Duc Lam had only 90 DQC shares, or 0.00026 percent.

Thoa, the sister of Lam and Hung owns nearly 6,500 shares, or 0.02 percent.

Since September 2024, Rang Dong Holding’s activities have largely focused on addressing its stock trading suspension, the resignation of its chief accountant, and changes in authorized disclosure personnel.

In the case of Dien Quang, though it has had no leadership upheaval, its business performance is declining. Its Q4/2024 consolidated financial report showed that Dien Quang incurred a post-tax loss of VND96 billion, higher than the VND75 billion loss of the same period in 2023. For 2024, Dien Quang’s post-tax loss reached VND102 billion, a record loss since its founding.

Manh Ha