Duc Giang Chemicals Group (DGC) announced on 19/3 that it would hold an extraordinary general meeting of shareholders. This comes two days after the Ministry of Public Security announced the temporary detention of Dao Huu Huyen, DGC's chairman, on three charges: violating accounting regulations causing serious consequences, violating resource exploitation regulations, and causing environmental pollution.

Dao Huu Duy Anh, Huyen's son, who served as vice chairman of the board and former general director of Duc Giang Chemicals, was also arrested for violating accounting regulations causing serious consequences. Pham Van Huyen, a DGC board member, was similarly indicted and temporarily detained.

Currently, DGC's board has only two remaining members: Luu Bach Dat, a board member and general director, and Nguyen Thi Thu Ha, an independent board member. This number is below the legal minimum of three board members required by law.

In accordance with the Enterprise Law, Dat and Ha decided to convene an extraordinary general meeting of shareholders. The meeting aims to elect three additional board members and address other matters within the shareholders' authority, if any.

The meeting is scheduled for 8/5, with 10/4 set as the record date for shareholders eligible to attend.

Following the news of the senior executives' arrests, the company's stock price hit its daily limit down for three consecutive days. At the close of trading on 19/3, DGC's share price was 59,600 Vietnamese dong, with over 22.8 million shares remaining unsold at the floor price.

Established in 1963, Duc Giang Chemicals was formerly under the General Department of Chemicals before its privatization in 2003. The company's primary operations involve producing various chemical products such as phosphoric acid, yellow phosphorus, fertilizers, detergents, and caustic soda.

Anh Tu