John Shrimpton, one of the founders of Vietnam-based investment company
Dragon Capital, has resigned as a result of a reshuffling among management ranks. 

 

The company's six executive directors had decided to shift to a new management structure after the Vietnamese government last year threatened to revoke the license of one of its mining affiliates due to a compliance breach. Dragon Capital will now be headed by co-founder
Dominic Scriven, who assumes a newly-created role as chief executive officer.

 

"Our situation has been that for the past 15 years, the same six people have been at the front of the company for almost the entire time," said Mr Scriven in a statement. 

 

"The business has changed; we have over 100 people working here. Vietnam has become bigger and more prominent, and our investors are raising the bar," he added.

 

Appointments for other corporate roles are likely to be announced in the coming weeks. In an article by AsianInvestor, Mr Scriven was quoted to have said that Mr Shrimpton had not agreed to the new management structure. Punters say that Mr Shrimpton's involvement with the controversial mining deal had triggered his departure.

 

Dragon Capital is the largest foreign investment firm in Vietnam and presently manages $1.5 billion worth of closed-end funds and principal investments.