The former FLC Group sign in Hanoi - Photo: NAM TRAN
FLC Group Joint Stock Company recently announced that its second extraordinary general meeting of shareholders for 2025 will take place on November 11th in Hanoi.
FLC strengthens its senior management team.
At the general meeting, the FLC leadership will present a proposal to dismiss three members of the Board of Directors and elect two new members for the 2021-2026 term.
The list of three board members whose dismissals will be proposed this time includes: Mr. Le Ba Nguyen, Mr. Nguyen Chi Cong, and Mr. Do Manh Hung. The effective date will be from the date the dismissals are approved by the general meeting.
In addition, the general meeting also proceeded to dismiss Mr. Nguyen Xuan Hoa from his position as a member of the supervisory board.
Previously, the company received Mr. Le Ba Nguyen's resignation letter on December 4, 2024, citing his inability to arrange his time to participate in management. Mr. Nguyen was formerly the Chairman of the Board of Directors and also the brother-in-law of former Chairman Trinh Van Quyet.
The removal of Mr. Nguyen was proposed at an extraordinary general meeting in August 2025, but it failed due to insufficient shareholder attendance as required by regulations.
Then, on October 20th, FLC continued to receive resignation letters from two other members of the Board of Directors, Mr. Nguyen Chi Cong and Mr. Do Manh Hung, also for the same reason.
Currently, FLC's Board of Directors has only 2 out of 5 members remaining: Chairman Vu Anh Tuan and member Nguyen Thanh Tung. Mr. Tung has also officially replaced Mr. Cong as the person in charge of corporate governance, effective from October 20th.
Next time, after the general meeting elects additional members, the new Board of Directors is expected to have four members.
In addition to restructuring its personnel, FLC also plans to report on its business performance for the first six months of 2025 and its business plan for 2026.
Simultaneously, FLC is addressing existing and emerging issues in the group's business, investment, and financial operations. In addition, FLC is considering amending its charter and internal regulations on corporate governance.
What is the stock price and business performance of FLC like?
The most recent financial report of FLC was published around the third quarter of 2022. Therefore, access to the financial situation shown in the latest report is not yet available.
This is also one of the reasons why FLC shares are subject to trading restrictions. In June of this year, FLC sent a document to the Securities Commission explaining this situation.
Accordingly, FLC stated that it is unable to publish its audited financial statements as required by regulations due to a lack of agreement with the auditing firm UHY regarding the audit opinion on the separate and consolidated financial statements for the fiscal year ending December 31, 2021. FLC Group is therefore unable to release its audited financial statements for 2021, 2022, 2023, and 2024.
"In the difficult situation following the events, FLC has always strived to overcome limitations and gradually return to stable operations. The process of information disclosure is also being actively addressed," FLC explained.
Due to a lack of access to financial reports, many shareholders are unclear whether the business situation has improved. However, recently, some projects have begun to restart, including the Hausman Premium Residences project in western Hanoi.
Additionally, at the extraordinary general meeting of Bamboo Airways shareholders on the morning of September 25th, FLC Group agreed to take over the management of the airline.
Bamboo Airways Chairman Le Thai Sam stated that continuing to own, manage, and operate Bamboo Airways at this time exceeds the financial and managerial capabilities of the new group of investors.
Therefore, he suggested that FLC Group consider taking over the ownership, management, and operation of Bamboo Airways. The Chairman of the Board of Directors of Bamboo Airways reported to the general shareholders' meeting the plan to transfer all shares of the investor group to FLC Group.
FLC Group currently operates in various fields such as real estate, resort tourism, financial investment, and aviation. The company has developed several large-scale resort and hotel complexes in Quy Nhon, Thanh Hoa, Vinh Phuc , and Quang Ninh, contributing to shaping the FLC brand in the high-end tourism and real estate market.
However, after Trinh Van Quyet, the former chairman of FLC's board of directors, was arrested in 2022, the group fell into a prolonged period of difficulty, along with continuous personnel changes.
Source: https://tuoitre.vn/dai-hoi-bat-thuong-flc-them-2-sep-tu-chuc-sap-ban-xu-ly-cac-van-de-ton-tai-20251025191644789.htm
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