FLC Group names new chairman after Quyet’s arrest

Thang, 41, holds a master’s degree in construction and project management from the UK’s Northumbria University. He was earlier deputy chairman of FLC and CEO of subsidiary Bamboo Airways.

He will serve as chairman until shareholders and the board of directors make a decision.

FLC will also consider electing new board members at the next annual general meeting. The board has a chair, two vice chairs and two other members.

Before he was arrested, Quyet had authorized the appointment of Vu Dang Hai Yen, deputy CEO of FLC Group, as the acting chairwoman.

He is the largest shareholder in FLC, with a stake of over 30 percent. He is also one of the shareholders of Bamboo Airways.

Thang does not own any shares in FLC.

Quyet, 47, was arrested Tuesday pending investigation into suspicions of stock market fraud, that have caused serious damage to investors and affected operations of Vietnam’s stock exchange, according to the Ministry of Public Security.

He sold 74.8 million FLC shares Jan. 10, but the State Securities Commission (SSC) only received notice of the sale that evening, though regulations require a notification three working days in advance.

On Jan. 17, Quyet was fined VND1.5 billion ($65,800) and banned from trading in the securities market for five months for failing to disclose plans to sell shares.

Quyet has a large stocks portfolio and was once one of the wealthiest people on the Vietnamese stock exchange.

He began his career as a lawyer in 2001, when he and his associates established the SMiC Law Office, which later became the SMiC Law Firm. He also established a number of businesses and the FLC brand was formed in early 2010 after merging all of them.

Bamboo Airways, founded by FLC, entered the aviation market in 2019.

FLC’s charter capital stood at VND10.5 trillion (over $459 million) in early 2021, after more than 10 years of operation.