Vu Dang Hai Yen, Deputy General Director of FLC Group, will replace Trinh Van Quyet as acting chairwoman of the Board of Directors at FLC and Bamboo Airways.

Trinh Van Quyet, chairman of the board of directors of the FLC Group Joint Stock Company and one of the richest men in Viet Nam, authorised Yen to replace his position in the group, before he was arrested Tuesday pending investigations into suspicions of stock market manipulation.

The move aimed to limit any risks that may arise and ensure the regular operation of the FLC Group and its affiliates including Bamboo Airways.

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, Quyet also authorised Yen to have all rights related to the properties and property rights owned by Quyet.

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

FLC Group was not a subject involved and/or has activities related to this case.

“The incident absolutely does not affect or change the important orientations of FLC in production, investment, and business activities, as well as sustainable development. At the same time, it also does not affect the legitimate rights and interests of customers, shareholders, and partners who have transactions and co-operation with the group,” the statement said.

Yen, 44, was appointed deputy CEO of FLC in March 2017 after working as assistant to the Board of Directors of the FLC Group and director of the SMiC Law Firm, which was also founded by Quyet.

Before joining FLC, Yen was the head of the Legal Department at the State Capital Investment Corporation (SCIC), and deputy head of the Commercial Law Department at the Ha Noi Law University.

Besides this decision, the FLC board of directors 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 boards 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 prolonged 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.

In its latest announcement, the Ministry of Finance said that it 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 State Securities Commission of Viet Nam (SSC) and relevant agencies and units to continue to coordinate closely with the investigation agency.

SSC Chairman Tran Van Dung said that the regulator had been co-ordinating 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 work 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," Dung said.

He recommended that investors should stay calm and not be panic as Viet Nam's stock market was still positively assessed thanks to good macro-economic fundamentals and internal factors. — VNS