Another FLC board member sends in resignation

By Dat Nguyen June 23, 2022 | 07:58 pm PT

FLC Grand Hotel Quy Nhon in Quy Nhon Province. Photo courtesy of FLC Group

Another board member has resigned from property company FLC as it struggles to continue operations after key leaders were arrested for alleged stock manipulation.

La Quy Hien, deputy CEO and formerly head accountant, is the latest to quit, leaving chairman Dang Tat Thang and CEO Bui Hai Huyen as the only two remaining board members.

FLC said Hien’s resignation would be approved at the next general meeting scheduled for July 2.

It failed to hold an extraordinary general meeting on June 10 when shareholders holding only 33.7 percent of the charter capital turned up while the law requires at least 50 percent.

The law allows it to conduct the second extraordinary general meeting if shareholders with over 33 percent of charter capital are present.

At the meeting, two new candidates to replace former chairman Trinh Van Quyet and former deputy chairwoman Huong Tran Kieu Dung will be presented to shareholders.

Quyet and Huong were arrested in March and April amid an investigation into possible stock market fraud that caused "serious damage to investors and affected the operations of Vietnam's stock exchange," according to the Ministry of Public Security.

The Ho Chi Minh Stock Exchange last month restricted trading in FLC and two related companies’ stocks to afternoons for delayed submission of last year’s financial reports.

The company suffered a loss of VND465 billion ($19.85 million) in the first quarter, its biggest in the last two years.