On March 30, the Civil Aviation Authority of Vietnam had an urgent meeting with Bamboo Airways’ leaders following the arrest of Trinh Van Quyet, Chair of FLC Group and Chair of Bamboo Airways, who has been charged with stock market manipulation.

Property developer FLC Group announced on March 31 that Dang Tat Thang will be chairman of the group and Bamboo Airways until a new decision from shareholders' meeting and the board of directors.

High-profile FLC Group chairman Trinh Van Quyet would have enjoyed illicit perks worth over VND530 billion if his sale of 74.8 million FLC shares had not been cancelled in January for his failure to disclose information prior to the transaction.

In 2019, the Hanoi People's Court for the first time put a case of stock price manipulation to trial. Since then, many businessmen have had to pay a heavy price for their market manipulation.

The FLC ecosystem is not large in scale and has a small influence on the market. Bamboo Airways of FLC has insignificant impact, but it has been operating effectively.

After the Ministry of Public Security issued a decision to prosecute Mr. Trinh Van Quyet, Chairman of FLC Group yesterday, Quyet authorized Deputy General Director Vu Dang Hai Yen to replace his position in the group.

The Ministry of Public Security's Investigation Police Agency on March 29 decided to launch criminal proceedings against and arrest Trinh Van Quyet, Chairman of the FLC Group, pending investigations into suspicion of stock market manipulation.

There is no official info on a travel ban imposed on the Chairman of the Board of Directors of FLC Group JSC as of March 28, said the Office of Investigating Police Agency under Vietnam’s Ministry of Public Security.

The State Securities Commission of Vietnam (SSC) has imposed the highest possible fine of VND1.5 billion (US$65,850) on Trinh Van Quyet, chairman of local conglomerate FLC, for his unannounced sale of FLC shares. 

The move to block the securities account of FLC Group chairman Trinh Van Quyet for failing to disclose stock sales in advance has triggered a debate around the equity market’s transparency and conflict-of-interest rules.

Chairman of FLC Group Trinh Van Quyet decided to leave his position as chairman of FLC Faros as the subsidiary has been nosediving in the past years.

The increasing demand for finance has prompted a clutch of Vietnamese corporations, such as FLC Group, to seek out overseas initial public offerings, but after previous failures, few want to be the first to try their luck. 

The firm announced on November 2 that 405 million shares, worth VNĐ4.05 trillion, will be traded on the Over-The-Counter (OTC) market as BAV.

Property developer FLC Group has cancelled the issuance of 300 million shares for current shareholders.

The Civil Aviation Authority of Vietnam on August 13 granted local carrier Bamboo Airways an Approved Training Organisation (ATO) certificate, allowing it to train aviation staff, firstly flight attendants and technicians.

The operation of Bamboo Airways deeply decreased the gross margin of FLC’s services.

The Ministry of Transport agreed on the need for Bamboo Airways, a subsidiary of FLC Group, to increase its fleet to 30 aircraft by 2023 after considering opinions of relevant parties at a meeting on June 21.

The number of passengers traveling by air has increased rapidly and more air carriers have joined the market, but infrastructure conditions have not developed proportionally.

VietNamNet Bridge - Trinh Van Quyet, president of FLC Group, a real estate developer, is a dollar billionaire. Quyet was born into a poor family. He became a lawyer and then a billionaire. 

 The People's Committee of the central province of Thanh Hoa recently approved investing in agriculture projects for property developers FLC Group and Vingroup.