Wednesday , December 7 2022

FLC posts $47.6 mln loss in H1

Conglomerate FLC, some of whose top managers were arrested for alleged stock market manipulation, reported a loss of VND1.11 trillion ($47.6 million) in the first six months.

Revenues were down 60 percent to VND1.71 trillion, as sales of property and services plunged by half.

The arrest of former chairman Trinh Van Quyet and former deputy chairwoman Huong Tran Kieu Dung in March and April, along with other individuals has hit the company hard.

After failing to organize this year’s annual general meeting due to a lack of quorum, it held two extraordinary general meetings to announce replacements for Quyet and Dung.

Dang Tat Thang, who helped the company set up subsidiary Bamboo Airways, resigned on Friday as the carrier’s chairman and CEO and FLC’s deputy chairman.

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