Brian Jeffrey
Loc Troi Group Joint Stock Company has appointed Nguyen Tan Hoang as its new CEO, starting October 16. Hoang previously worked as the chief accountant for the firm.
Born in 1977 in Quang Nam, Hoang has been with Loc Troi since August 2012, taking on the chief accountant role throughout that period. Before joining Loc Troi, he held significant positions at C.P Vietnam and Phuong Dong Bio-Energy, and from 2000 to 2011, he was with C.P Vietnam Livestock Corporation.
On July 15, the company made the unexpected decision to remove Nguyen Duy Thuan from his CEO position, which he had occupied for over four years. During the interim period, Huynh Van Thon, the Chairman of the Board, stepped in to oversee the company’s operations until a new CEO was appointed.
Loc Troi has recently accused former CEO Nguyen Duy Thuan of fraudulent behavior and possible legal infractions, which they claim have resulted in financial setbacks for the organization. Consequently, the company has urged local authorities to implement preventative actions against Thuan.
The People’s Committee of An Giang Province has confirmed receipt of Loc Troi’s request for intervention regarding the issue.
In the stock market on October 17, Loc Troi’s shares (LTG) were priced at VND 9,400 each, reflecting a decline of over 30% since early October and a drop of 60% from October 2023 levels.
