PVN to give feedback on HDI Global SE

PVI's head office

The PVN’s above document was sent to Mr. Torsen Leue, Chairman of Supervisory Board of HDI Global SE, and Mr. Edgar Puls, General Director     of HDI Global SE on the issues relating to PVI.

Proposal to handle personal responsibility

PVN proposed to handle the responsibility of the individuals representing HDI Global SE at PVI, who caused its violations of law. PVN's document emphasizes: “Regarding the resolution of issues after HDI Global SE has complied with the penalty decision of the State Securities Commission of Vietnam (SSC), we have coordinated with relevant agencies to continue reviewing the negative impacts from these violations to ensure compliance with the law; fairness, transparency and interests for     PVN. Therefore, we request HDI Global SE to coordinate and direct PVI's Board of Directors to consider the responsibility of individuals who directly violated Vietnamese law and PVI's Charter. This will certainly bring the best benefits to HDI Global SE and PVN, creating equality and long-term stability for     both sides.

Maintain the position of General Director

Regarding PVI's General Director, the PVN’s document states: "As confirmed at the meeting between the two sides on June 4, 2021 and the Letter to you on June 9, 2021, PVN reaffirms its consistent view that PVN still nominates Mr. Bui Van Thuan, PVI's General Director     as the Representative of PVN's capital at PVI, who is the PVI’s only legal representative.

PVN said, this nomination is under the provisions of the law, the PVI’s Charter as well as PVN’s regulations on appointing its representatives to ensure its legitimate rights and interests, said PVN.

“The appointment of Mr. Bui Van Thuan, Secretary of the PVN’s Party Committee, Representative of PVN's capital at PVI as PVI's General Director     aims to protect the State's capital at PVI. Therefore, we ask HDI Global SE to respect our decision”, PVN emphasized.

PVN asks HDI Global SE to respect the law

“As Vietnam’s leading State-owned enterprise, PVN always hopes that PVN and HDI Global SE will have good cooperation in the spirit of respect for     the law, equality in relations, consent among major     shareholders in any decision to assure the benefits of shareholders. While PVN and HDI Global SE are PVI’s two major     shareholders, PVN suggested that both parties ask their representatives at PVI not to release any decision without the consensus of the two parties in the meetings of the Board of Directors or     the General Meeting of Shareholders to ensure that the meetings are successful and do not affect PVI", PVN stressed.

The PVN’s above document was released in the context that PVI planned to hold an extraordinary General Meeting of Shareholders on July 30, 2021. According to information from the Business Forum Magazine, the latter will discuss the composition of the Board of Directors, especially the position of General Director     and PVI’s legal representative. The office term of Mr. Bui Van Thuan, General Director     of PVI will end in late July 2021. Mr. Thuan has been with PVI for     more than 2 decades, half of which he was appointed as General Director. His role was demonstrated through PVI’s successes during this period. Recently, he continued to be introduced by PVN to hold the position of General Director     of PVI for     the next term of office.

As for     SSC’s decision to impose an administrative penalty on HDI Global SE, Mr. Jens Holgers Wohlthat will bear responsibilities to represent HDI Global SE to comply with this decision. It is noted that Mr. Jens Holgers Wohlthat and another member representing HDI Global SE signed some documents leading to HDI Global SE's violations of Vietnam’s laws.

Currently, Mr. Wohlthat is the Chairman of PVI's Board of Directors. However, this appointment was not approved by PVN. This is a consequence of HDI Global SE’s legal violations as pointed out by Vietnam’s competent authorities.

HDI Global SE's violation of law resulted in PVN’s loss of management rights at PVI and making it difficult to divest the State's capital from PVI as directed by the Vietnamese Government.

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