FLC lays off 60% of staff in major restructuring

By Minh Son February 21, 2024 | 02:30 am PT

FLC Grand Hotel Ha Long in Quang Ninh Province. Photo courtesy of FLC Group

Property developer FLC now has 3,500 employees, down 60% after a major restructuring process last year to revive the company after the arrest of key leaders.

It scaled down the workforce to ensure a stable income for the remaining 3,500 staff, its leaders said at the company’s extraordinary general meeting on Tuesday.

103 shareholders, representing 33.7% voting rights, participated in the meeting. An earlier meeting on Jan. 2 was not held due to an insufficient number of shareholders.

Shareholders approved the selection of two new directors, bringing the total number to five.

FLC, with 14 subsidiaries, went through a challenging 2022 and 2023 after its chairman Trinh Van Quyet and other leaders were arrested for stock manipulation.

The company now aims to continue restructuring with a focus on three main businesses: property development, resort operations and mergers and acquisitions.

It eyes a revenue of VND1.19 trillion ($48.49 million) from property development this year.