Deputy CEO replaces Trinh Van Quyet to run FLC Group

After the Ministry of Public Security issued a decision to prosecute Mr. Trinh Van Quyet, Chairman of the Board of Directors (BOD) of FLC Group on March 29, to limit any risks that may arise and ensure the regular operation of the group, Mr. Trinh Van Quyet authorized Ms. Vu Dang Hai Yen, Deputy General Director of FLC Group, to replace his position in the group.
Deputy CEO replaces Trinh Van Quyet to run FLC Group ảnh 1 Vu Dang Hai Yen, Deputy General Director of FLC Group, will replace and represent Trinh Van Quyet to perform the duties and rights of the Chairwoman of FLC Group and the Chairwoman of Bamboo Airways JSC. (Photo: SGGP)

Accordingly, Ms. Vu Dang Hai Yen will replace and represent Trinh Van Quyet to perform the duties and rights of the Chairwoman of FLC Group and the Chairwoman of Bamboo Airways JSC, as well as all shareholder rights in the two enterprises mentioned above following the law and the company's regulations. At the same time, Trinh Van Quyet also authorized Vu Dang Hai Yen to have all rights related to the properties and property rights owned by Trinh Van Quyet.

FLC Group informed that the case related to Trinh Van Quyet personally conducting securities trading transactions was still in the process of the initial investigation and had not any official conclusion. Trinh Van Quyet has been coordinating with relevant authorities in the process of investigating and clarifying related issues.

FLC Group is not a subject involved and/or has activities related to this case. Accordingly, the incident absolutely does not affect or change the important orientations of FLC in production, investment, and business activities, as well as sustainable development in the coming time. At the same time, it also does not affect the legitimate rights and interests of customers, shareholders, and partners who have transactions and cooperation with the group.

Besides this decision, the BOD of FLC also had a meeting and quickly came up with measures and plans to ensure that FLC's business activities would take place stably in the new situation, in accordance with the objectives and plans set by the BOD and the Board of General Directors.

In 2021, although revenue and profit were not as planned due to two large-scale outbreaks of the Covid-19 pandemic and long social distancing, FLC's core sectors still recorded many bright spots, including the inauguration and start of many new projects.

With about 300 projects under investment research and legal promotion in more than 40 provinces and cities nationwide, FLC aims to complete the legal process to continue implementing several projects in 2022.

Investors should stay calm and not panic: SSC

Mr. Tran Van Dung, Chairman of the State Securities Commission of Vietnam (SSC), said that the regulator had been coordinating with the investigation agency of the Ministry of Public Security to provide information upon request. In the meantime, the SSC has asked related enterprises to disclose unusual information to investors and shareholders.

“Under the direction of the Ministry of Finance, the SSC and related units will continue to handle all issues in this case. Based on information and results from the Investigation Police Agency, the SSC will carry out affairs within its competence, functions, and tasks. We will resolutely handle the case following the provisions of the law, ensuring the fairness and transparency of the stock market," Mr. Tran Van Dung said. At the same time, he recommended that investors should stay calm and not panic because Vietnam's stock market is still positively assessed thanks to good macroeconomic fundamentals and internal factors.

The leader of the Ministry of Finance said that he would continue to coordinate with the Investigation Police Agency to provide relevant information within the functions and duties of the ministry about Trinh Van Quyet and related individuals and companies.

At present, the Ministry of Finance has also directed the SSC and relevant agencies and units to continue to coordinate closely with the investigation agency.

The Minister of Finance emphasized that the spirit of the ministry is to uphold the law, strictly comply with the provisions of the law. Wrongdoings will be strictly handled to maintain discipline and transparency of the market.