The company related to Mr. Dinh Truong Chinh laid off all employees due to difficulties.

According to the announcement on restructuring the personnel apparatus signed and announced by Mr. Dinh Chi Minh, Chairman of the Board of Directors and General Director of Housing Development and Trading Joint Stock Company (HDTC) on the company's website on November 16, due to the company's financial difficulties and lack of revenue to pay salaries to officers and employees, in order to suit the company's current operating situation, the Board of Directors has agreed to streamline the organization, retaining only key personnel to strengthen the company in the immediate future. All officers and employees working at HDTC and its branches are temporarily on unpaid leave pending work. The period is from November 26, 2023 until the company has a new announcement.

Document signed by Mr. Dinh Chi Minh on HDTC's personnel

Previously, in October, Mr. Dinh Truong Chinh, Chairman of the Board of Directors of HDTC Company, was prosecuted by Ho Chi Minh City Police in connection with violations in the case of the Southern Food Corporation (Vinafood 2) causing serious damage to the state at land plots at 33 Nguyen Du and 34, 36, 42 Chu Manh Trinh, District 1, Ho Chi Minh City.

After Mr. Dinh Truong Chinh was arrested, HDTC changed its business registration certificate, in which the position of Chairman of the Board of Directors and legal representative of the enterprise was transferred from Mr. Dinh Truong Chinh to Mr. Dinh Chi Minh (Mr. Minh is Mr. Chinh's younger brother).

Also in October, due to tax debts of more than VND100 billion, HDTC was suspended from customs clearance procedures for goods for a period of 1 year by the Investment Goods Management Customs Sub-Department under the Ho Chi Minh City Customs Department. At the same time, the company also announced a temporary suspension of construction activities at its projects.

HDTC, formerly a state-owned enterprise, was equitized on April 29, 2016 and is currently a member company of Saigon Real Estate Corporation Limited (a state-owned enterprise). Currently, the State owns 30% of HDTC's charter capital and Mr. Dinh Truong Chinh is one of the company's individual shareholders.

In previous years, HDTC's business performance was positive. With an average revenue of thousands of billions of VND, the profit was also equivalent to 10-15%.

Source: https://nld.com.vn/kinh-te/cong-ty-lien-quan-den-ong-dinh-truong-chinh-cho-toan-bo-nhan-vien-nghi-viec-vi-kho-khan-20231117164734746.htm