On August 20, Electricity Finance Joint Stock Company (EVNFinance) announced its rebranding to Comprehensive Electricity Finance Joint Stock Company (EVF) immediately after the State Bank Inspectorate revealed numerous violations at the company. EVF was fined 635 million VND for three violations, including improper credit granting.
Additionally, on August 15, CEO Mai Danh Hien and Vice Chairman Le Manh Linh resigned; the Board of Directors (BOD) accepted their resignation and appointed Le Manh Linh as Interim CEO and proposed him as the future CEO pending approval from the State Bank.
EVF’s stock has sharply declined recently. From August 15 to 22, the stock dropped nearly 15%, ending at 13,900 VND per share on August 22. The market capitalization fell to 10,571 billion VND.
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