Do Quang Hien said that he will end his involvement in two football clubs in order to end accusations that there was a conflict of interest.
Do Quang Hien to withdraw from Hanoi T&T and SHB Danang football clubs
Striving to prove legal status independence
According to the Vietnam Football Federation’s regulations, “In any circumstance, no individual or organisation is allowed to manage more than one football club.” However, Mr. Hien, who is Chairman of T&T Group and Saigon - Hanoi Commercial Joint Stock Bank (SHB), has been accused of owning Hanoi T&T and SHB Danang.
Hien said the T&T Group had no involvement in the operations of the T&T Sports Joint Stock Company or its football club because it did not own over 50% or the entire stake of the company.
“SHB is not entitled to the influenece SHB Danang Sports Joint Stock Company or its football club for the same reason,” Hien explained.
Despite their independent status the two football clubs have the same name as the group and bank in which Hien acts as the chairman. Hien clarified that the name did not mean that Hanoi T&T is owned by the T&T Group and SHB Danang is under the management by SHB.
He added that, “Hanoi T&T’s name is the combination between the city (Hanoi) and its management company, the T&T Sports Joint Stock Company, not T&T Group. The group operates in industry, finance and real estate, while the company specialises in sports. This is shown in their business registration certificates.”
Capital withdrawal
The relationship between T&T Group and Hanoi T&T and SHB Danang is purely through the football teams and their sponsors, which is shown in their contracts.
“In the contracts, we regulate the rights and duties of the parties,” Hien said. A legal representative from T&T Group said, “If the federation requires evidence, we will show the contracts and financial statements to prove their independent legal status.”
To avoid public misunderstanding, Hien said he will leave T&T Sports Joint Stock Company and SHB Danang Sports Joint Stock Company. Mr. Hien currently owns 11% of SHB’s total capital and 15% of T&T Group’s total capital. The capital will be withdrawn by the end of September.
After capital withdrawal, the relationship between SHB and SHB Danang and T&T Group and Hanoi T&T will solely be through their sponsorship agreements.