The Electricity Finance Joint Stock Company (EVN Finance) recently announced several leadership changes. On 15/8, the company's board of directors received resignation letters from General Director Mai Danh Hien and Deputy Chairman Le Manh Linh. The company officially dismissed both from their positions on 21/8.
EVN Finance then appointed Linh as acting general director and Hien as deputy chairman of the board. The legal representative of the company also changed from Hien to Chairman Pham Trung Kien.
 |
Le Manh Linh. Photo: EVN Finance Website |
Le Manh Linh. Photo: EVN Finance Website
In a statement on its website, EVN Finance said Linh's appointment is part of its strategy to strengthen the leadership team and prepare for the next phase of growth.
Linh holds an economics degree from Pierre Mendes France University and a master's degree in international commercial law from Francois Rabelais de Tours University (France). He has nearly 20 years of experience in finance and banking and has held key positions at several domestic enterprises and credit institutions.
The State Bank of Vietnam recently released its inspection conclusions on EVN Finance. Despite positive growth in credit and annual business results, the company has shortcomings in governance, management, and risk management. There were violations in lending practices, including providing loans to unqualified customers. Other violations relate to appraisal, loan decisions, loan documentation, collateral acceptance, debt classification, and improper risk provisioning.
In the first half of this year, EVN Finance's pre-tax profit reached 598 billion VND, almost double the same period last year. Total assets reached 69,555 billion VND by the end of June, an increase of nearly 10,000 billion VND compared to the end of last year. Customer loans increased significantly from about 46,300 billion VND to 52,110 billion VND.
Established in 9/2008, EVN Finance currently has a charter capital of 7,605 billion VND. The company targets a pre-tax profit of 960 billion VND and total assets of 80,000 billion VND this year.
Phuong Dong
