All five directors of Bamboo Airways resign

The resignations will be reviewed by shareholders at the company’s general meeting on June 21, and shareholders will also vote to select the new directors for the 2023-2028 period, the airline announced in a press release.

Of the five board directors, Nguyen Ngoc Trong has been chairman of the airline since August last year, and before that he was deputy CEO since the company’s founding in 2018.

Doan Huu Doan is the airline’s deputy chairman. He joined the company last August.

Le Ba Nguyen is also the deputy chairman of the airline and chairman of property developer FLC. Nguyen is the brother-in-law of former FLC chairman Trinh Van Quyet, who is under criminal investigation for alleged stock manipulation.

Nguyen Manh Quan had been the CEO of Bamboo Airways since July, but asked to resign from the post in the end of last month.

Le Thai Sam is a director at both Bamboo Airways and FLC. He has loaned the airline VND7.7 trillion ($327.55 million).

FLC has said it would transfer its 400 million Bamboo Airways shares to Sam, and he is set to hold a 34% stake in the airline after the transaction.

Bamboo Airways will also dismiss three members of the board of supervisors and replace them in the upcoming meeting.

The airline has not given details on who the new directors will be, except that two former senior executives of Japan Airlines will join the airline as a board member and a consultant.