FLC shareholders extraordinary meeting on key personnel fizzles out

The meeting on Friday lacked a quorum with shareholders with only a combined 33.7 percent stake attending, while the law requires 50 percent.

It was called to approve the dismissal of board members Trinh Van Quyet and Huong Tran Kieu Dung, who were arrested for allegedly manipulating the stock market, and to elect their replacements and an independent director.

The meeting is expected to be rescheduled on July 2, the company’s general director, Bui Hai Huyen, said.

Former FLC chairman Quyet, 47, and former FLC vice chairwoman Huong Tran Kieu Dung were respectively arrested in March and April 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.