Dang family’s last stand at Sacombank collapses
Dang family’s last stand at Sacombank collapses
Sacombank’s board of directors has given the green light to Dang Hong Anh, a member of the bank’s board.
Anh, the son of Dang Van Thanh – the founder of Saigon Thuong Tin Commercial Joint Stock Bank, better known as Sacombank, filed his resignation letter on Tuesday for personal reasons, said the bank’s board.
The board has held a meeting on the matter, and will present the letter and the board’s decision to the next shareholders meeting of the bank, said the bank’s press release on Wednesday evening.
Sacombank representative said Anh’s resignation does not have any impact on the overall operation of the bank.
Dang Hong Anh, born in 1980, is the eldest son of Dang Van Thanh, who built up Sacombank from a bank with a charter capital of VND3 billion to VND10 trillion as of recently.
Anh is also chairman of the bank’s real estate company Sacomreal. He currently holds 32.3 million shares of Sacombank and 14.2 million shares of Sacomreal.
Previously, on November 2, Dang Van Thanh, former chairman-cum-founder of Sacombank, took the same move.
On November 7, he got the approval from the bank’s board of directors to resign from the bank for personal and health reasons.
With the latest resolution from the bank’s board of directors, Thanh withdrew from all of his posts at the bank after being dismissed from the post of bank chairman 5 days earlier.
On November 6, in a written reply to the Ho Chi Minh City Stock Exchange (HoSE), Sacombank confirmed that the members of the board of directors of Sacombank, including Dang Van Thanh and his son, Dang Hong Anh, came home after working with local investigating authorities.
But Tien Phong newspaper said its source had revealed that Thanh and his wife, Huynh Bich Ngoc, had left Ho Chi Minh for Hanoi on a flight without giving a reason.
In 2012, Sacombank underwent a major acquisition from a group of big shareholders.
The rumors on the acquisition of Sacombank broke out in July 2011, which dampened the prices of the bank's shares, coded SGT on HoSE.
In February 2012, Thanh and Anh were required by a group of shareholders holding more than 51 percent of bank’s stake, led by Eximbank’s chairman Le Hung Dung, to reorganize the bank’s management board.
The transfer of power in the Ho Chi Minh City-based Sacombank was materialized with the introduction of a new board in late May.
Almost all the power in Sacombank was then transferred to a new shareholders group, ending a year-long acquisition.
At the shareholders’ meeting of Sacombank in late May, the new board retained only two Sacombank former members, Dang Van Thanh and his son, Dang Hong Anh, and eight additional newly elected members.
Up to date, the bank’s stake held by Dang Van Thanh and Dang Hong Anh is at 7.7 percent.
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