![Những lần bất hòa của cổ đông lớn tại doanh nghiệp Việt Những lần bất hòa của cổ đông lớn tại doanh nghiệp Việt](https://tapchidoanhnhanthoidai.com/wp-content/uploads/2019/04/photo-1-1554694357925471193863-crop-15546943665341434342014.jpg)
Thị trường chứng khoán đã nhiều lần chứng kiến doanh nghiệp rơi vào tình trạng bế tắc khi cổ đông lớn, Hội đồng Quản trị mâu thuẫn.
Trong quá trình hoạt động, sự hài hòa trong bộ máy quản trị và các cổ đông lớn là một trong những yếu tố giúp doanh nghiệp phát triển. Và ngược lại những mối quan hệ “cơm không lành, canh không ngọt” giữa những người đứng đầu và sở hữu lượng vốn lớn sẽ có ảnh hưởng tiêu cực đến sự vận hành của công ty.
Sư việc tại Tổng CTCP Xuất nhập khẩu và Xây dựng Việt Nam (HNX: VCG, Vinaconex) là minh chứng rõ nhất. Hoạt động của doanh nghiệp này vẫn đang rơi đình trệ sau khi Tòa án Nhân dân (TAND) Quận Đống Đa bác đơn khiếu nại của doanh nghiệp về quyết định tạm dừng khẩn cấp thực hiện nghị quyết ĐHCĐ bất thường ngày 11/1.
Sự việc phát sinh sau khi 2 cổ đông lớn sở hữu gần 30% cổ phần là Công ty TNHH Bất động sản Cường Vũ và Công ty TNHH Đầu tư Star Invest, cùng 2 thành viên HĐQT là ông Nguyễn Quang Trung và ông Thân Thế Hà có đơn yêu cầu tòa.
Cổ đông lớn nhất hiện nay là Công ty An Quý Hưng nắm 57,71% vốn VCG, và có đại diện là ông Đào Ngọc Thanh được bầu làm Chủ tịch HĐQT từ ngày 11/1 và ông Nguyễn Xuân Đông, hiện là Tổng giám đốc.
2 cổ đông lớn và 2 thành viên HĐQT gửi yêu cầu đến tòa án. Ảnh minh họa.
Nguyên nhân dẫn đến những mâu thuẫn tại Vinaconex có thể đến từ bất đồng trong quy chế tài chính mới của doanh nghiệp và quá trình triển khai dự án Splendora. Điều này thể hiện ở việc Bất động sản Cường Vũ và Đầu tư Star Invest bỏ 2 phiếu không đồng ý trong cuộc họp thay đổi quy chế hoạt động của công ty và những lần tổ chức họp bất thành để thống nhất thực hiện Splendora.
Sau khi có thông tin trên, cổ phiếu VCG đã giảm sàn và bị thổi bay 1.200 tỷ đồng vốn hóa trong phiên 28/3.
Trước Vinaconex, giữa tháng 10/2018, Tập đoàn Đại Dương (HoSE: OGC) cũng là doanh nghiệp nhận được “trát” tương tự của TAND Quận Ba Đình. Doanh nghiệp Tư nhân Hà Bảo, liên quan đến Nguyên Chủ tịch Hà Văn Thắm, từng sở hữu hơn 28% vốn, đã gửi yêu cầu áp dụng biện pháp khẩn cấp tạm thời, tạm dừng nghị quyết ĐHCĐ thường niên 2018. Đây là nghị quyết liên quan đến kế hoạch kinh doanh 2018, bầu cử thành viên HĐQT, Ban kiểm soát và thông qua kết quả năm 2017, cùng một số vấn đề khác.
Phát sinh mâu thuẫn giữa các nhóm cổ đông của doanh nghiệp. Ảnh minh họa.
Tại ĐHCĐ thường niên 2018, người đại diện của Doanh nghiệp Tư nhân Hà Bảo bị tước quyền cổ đông. Theo Tập đoàn Đại Dương, Hà Bảo bị cơ quan chức năng kê biên tài sản liên quan đến ông Hà Văn Thắm để phục vụ cho việc thực hiện bản án nên công ty và người đại diện không có quyền cổ đông tại đại hội.
Sau khi Tập đoàn Đại Dương có đơn khiếu nại, TAND Quận Ba Đình vẫn giữ quyết định triển khai biện pháp khẩn cấp tạm thời. Công ty vẫn đang hoạt động trong tình trạng kế hoạch kinh doanh 2019, HĐQT không có hiệu lực.
Những mâu thuẫn tại các doanh nghiệp giữa các nhóm cổ đông và HĐQT không phải là trường hợp hiếm trên thị trường chứng khoán. CTCP Công nghiệp – Dịch vụ – Thương mại Ngọc Nghĩa (NNG), CTCP Vicostone (HNX: VCS) và CTCP Everpia (HoSE: EVE) là các đơn vị có mâu thuẫn với cùng một tổ chức nước ngoài là Red River Holding với chung một vấn đề liên quan đến lợi ích cổ đông (tỷ lệ cổ tức, mua lại cổ phiếu giá cao…).
Mâu thuẫn giữa cổ đông lớn ngoại và HĐQT. Ảnh minh họa.
Tại CTCP Nhựa Ngọc Nghĩa (NNG), Red River Holding sở hữu khoảng 10% cổ phần vào năm 2009-2012, yêu cầu NNG thoái vốn tại các công ty con. Điều này có thể làm “sạch” báo cáo tài chính trong ngắn hạn nhưng lại gây ảnh hưởng đến chiến lược phát triển dài hạn của doanh nghiệp.
Khi không được sự đồng thuận của ban lãnh đạo, Red River Holding yêu cầu doanh nghiệp mua lại lượng vốn sở hữu với giá cao trong lúc tiềm lực tài chính của công ty gặp khó khăn. Cuối cùng, đại diện của Red River Holding bị miễn nhiệm tư cách thành viên HĐQT và sau đó thoái vốn khỏi NNG.
Tnh cảnh tương tự cũng diễn ra tại CTCP Vicostone (HNX: VCS) và CTCP Everpia (HoSE: EVE), Red River Holding đều yêu cầu doanh nghiệp chi trả cổ tức mỗi năm ở mức cao nhằm “vắt” toàn bộ lợi nhuận, trong khi doanh nghiệp đang cần nguồn lực cho hoạt động kinh doanh. Khi không được đáp ứng, Red River Holding phản ứng bằng cách phủ quyết các tờ trình tại mỗi mùa ĐHĐCĐ. Tuy nhiên, kết cục cuối cùng là Red River Holding phải thoái vốn và “rút người” khỏi doanh nghiệp. Sau khi cổ đông ngoại này “ra đi”, cổ phiếu VCS tăng 24 lần, trong khi cổ phiếu EVE tăng 66% trước khi đi ngang.
Từ những ví dụ nói trên tại các doanh nghiệp cho thấy, câu chuyện tại Vinaconex và Tập đoàn Đại Dương sẽ vẫn chưa có hồi kết cho đến khi các cổ đông lớn và người liên quan đạt được sự đồng thuận hoặc một bên nào đó “ra đi”.
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