Gilimex CFO resigns after Amazon lawsuit loss over fake documents

Overview

Gilimex (GIL) announced the resignation of its Chief Financial Officer and Chief Accountant, Nguyen Thi Minh Hieu, effective upon board approval. The move comes after a U.S. court permanently dismissed the company’s $840 million lawsuit against Amazon, citing fraudulent documents submitted by Gilimex. This leadership change adds to the company’s challenges as its stock has dropped 36% year-to-date.

Key Facts

• Nguyen Thi Minh Hieu submitted her resignation letter dated August 10, 2026, from her roles as CFO and Chief Accountant.
• The resignation is effective from the date the Board of Directors approves it; she stated no disputes with the company.
• In early July 2026, the U.S. District Court for the Southern District of New York permanently dismissed Gilimex’s $840 million lawsuit against Amazon.com Services LLC.
• The court found Gilimex provided untruthful documents to prove material damages of approximately $68 million.
• Amazon is allowed to seek reimbursement of legal and investigation costs from Gilimex.
• In Q1 2026, Gilimex reported revenue of VND 197 billion, up 57% year-on-year, and net profit of VND 11.28 billion, up 436%.
• The company’s 2026 plan targets revenue of VND 1,600 billion and net profit of VND 150 billion; Q1 profit achieved only 7.5% of the annual target.
• GIL shares closed at VND 8,660 on August 11, 2026, down 36% since the start of 2026.

What Happened

Gilimex, officially known as Công ty Cổ phần Sản xuất Kinh doanh Xuất nhập khẩu Bình Thạnh, announced it received the resignation letter from Nguyen Thi Minh Hieu, who held the dual roles of CFO and Chief Accountant. The letter, dated August 10, 2026, requests to step down from both positions effective upon board approval. Hieu also committed to having no complaints or disputes with the company regarding her resignation.

The resignation follows a major legal setback. In early July 2026, the U.S. District Court for the Southern District of New York ruled in the case between Gilimex and Amazon.com Services LLC, permanently dismissing Gilimex’s claim for $840 million in damages. The court determined that Gilimex had submitted untruthful documents to substantiate material losses of about $68 million. The ruling also permits Amazon to seek reimbursement of legal and investigation costs, effectively closing the legal effort by the Vietnamese textile company.

Market Context

Gilimex is listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker GIL. The stock closed at VND 8,660 on August 11, 2026, reflecting a 36% decline since the start of 2026. The company operates in the textiles and garments sector, which has faced headwinds from global demand fluctuations and input cost pressures. The lawsuit loss and subsequent leadership change have exacerbated investor concerns, contributing to the sharp share price decline.

Strategic Significance

The resignation of the CFO and chief accountant is a significant governance event for Gilimex, coming on the heels of a court ruling that found the company submitted fraudulent documents. This raises questions about internal controls and financial reporting integrity, which are critical for investor confidence. The loss of the $840 million claim also removes a potential source of recovery that could have bolstered the company’s financial position. For long-term investors, the key issue is whether Gilimex can restore trust and focus on its core business, which showed strong Q1 2026 growth, albeit from a low base.

What to Watch

• Approval of the resignation by the Board of Directors and appointment of a successor CFO and Chief Accountant.
• Any further legal actions or settlements related to the Amazon lawsuit, including cost reimbursement demands.
• Q2 2026 earnings results to see if revenue and profit growth momentum continues.
• Updates on the company’s 2026 business plan and whether it revises targets given the legal and governance challenges.
• Any regulatory or exchange inquiries regarding the fraudulent documents issue.