On 27th March 2019, The People’s Court of Ho Chi Minh City issued the decision No. 92/2019/QĐ-BPKCTT applying emergency measure to suspend implementation of Resolution No.112/2019/EIB/NQ-HĐQT of Eximbank’s Management Board relating to the dismissal and appointment of Eximbank’s chairman.
Recently, People’s Court of Ho Chi Minh City has accepted to work on the civil case of plaintiff Le Minh Quoc requesting cancellation of Resolution No.112 of Eximbank’s Management Board issued on 22nd March 2019.
Based on Resolution No.112, Eximbank’s Management Board held a meeting, approving the dismissal of Chairman position of Mr.Le Minh Quoc and replacing Ms. Luong Thi Cam Tu as new Chairman.
However, on 22nd March 2019, Mr. Le Minh Quoc had a petition to apply emergency measures on company member disputes for members of Eximbank’s Management Board including: Mr. Dang Anh Mai, Mr. Le Van Quyet, Ms. Luong Thi Cam Tu, Mr. Cao Xuan Ninh, Mr. Hoang Tuan Khai, Mr. Yasuhiro Saitoh and Mr. Yutaka Moriwaki.
After consideration, the Court decided to apply “Temporary Emergency Measure” stipulated in Article 127 of the Civil Procedure Code, forcing co-defendants above to pause implementing Resolution No.112/2019/EIB/NQ-HDQT dated 22nd March 2019 of Eximbank’s Management Board until the case is resolved.
The change in Eximbank’s Management Board Member once again “caught people’s attention” right before Eximbank’s 2019 Annual General Meeting
Previously, on 22nd March 2019, Eximbank surprisingly announced the appointment of its new chairman Mr. Luong Thi Cam Tu, replacing Mr. Le Minh Quoc who was dismissed based on Resolution No.112 of Eximbank’s Management Board.
However, on 25th March, Mr. Quoc raised his voice about “unusual signs” in the operation of Eximbank’s Management Board, especially relating to the Board meeting and issued Resolution No.112. As it is known, the meeting on 22nd March 2019 is completely against Mr.Quoc’s will.
Mr. Quoc also shared that the meeting on 22nd March 2019 is not legally valid. Hence, the resolutions issued by Eximbank’s Management Board at this meeting have no legal effect. He’ll cooperate with the authorities to ensure the stability in Eximbank’s operation.
On 25th March 2019, Eximbank confirmed that all information spread from Mr. Quoc is completely untrue.
“The meeting that Eximbank’s Board held on 22nd March 2019 to appoint Ms. Luong Thi Cam Tu is legal, based on the Enterprise Law (Article 53) and Eximbank’s Regulations (Article 44).
Until the meeting of Management Board on 22nd March 2019, the total number of the Board remained 10 members. According to Article 48 in Eximbank’s Regulations, the meeting on 22nd March 2019 convened by group of shareholders above must have at least ¾ of the total Management Board members. It means that to ensure this meeting is lawful, it requires at least 8 attendees or authorizes to attend/vote.
Based on Clauses No.9 and 11, Article No.48 of Eximbank’s Regulations, the decision of dismissing the Chairman Mr. Le Minh Quoc and appointing new Chairwoman Ms. Luong Thi Cam Tu requires at least 51% approval rating.
As a result, the People’s Court needs more time to consider the validity and legality of the Board meeting on 22nd March 2019.
At the moment, Eximbank’s Management Board will have to halt the implementation of Resolution No.112.
Source: OpenStock