FLC Group loses its status as a public company.

In recent days, the State Securities Commission has repeatedly announced the revocation of public company status for FLC Group, FLC Faros, and a series of businesses previously associated with the FLC ecosystem.

A series of businesses related to FLC have had their public company status revoked - Photo: FLC

A series of FLC-related businesses delist from the public sector.

Between December 17th and 19th, the State Securities Commission (SSC) issued a series of notices revoking the public company status of a number of businesses belonging to the FLC ecosystem.

Most recently, the State Securities Commission officially announced that FLC Group (FLC) and FLC Faros Construction Joint Stock Company (ROS) lost their status as public companies effective December 18th.

Specifically, FLC Group is headquartered on the 5th floor of FLC Landmark Tower, Le Duc Tho Street, Hanoi , with Ms. Bui Hai Huyen - General Director - as its legal representative.

Meanwhile, FLC Faros, located on the 3rd floor of the same building, has Mr. Le Tien Dung - Chairman of the Board of Directors, serving as its legal representative.

On December 17th and 18th, the State Securities Commission also revoked the public company status of several other businesses within the FLC ecosystem, including: FLCHomes, FLC Stone (AMD), FLC GAB, CFS (KLF), and HAI Agricultural Chemicals (HAI).

Most of these businesses are headquartered at FLC Landmark Tower (Hanoi), with only a few having addresses in Thanh Hoa or Ho Chi Minh City.

On the stock market, FLC, ROS, AMD, GAB, HAI, and KLF stocks were once among the most attractive to investors during the boom period before 2021-2022.

However, in the last three years, most of these stocks have been subject to trading restrictions or suspensions due to violations of disclosure regulations, late submission of financial reports, and failure to meet corporate governance requirements.

Currently, the majority are still registered for trading on UPCoM and remain subject to suspension.

The delisting of public companies means that these businesses are no longer required to disclose information and report under the regulations applicable to public companies.

This is the legal consequence of a business failing to meet or fully fulfill the conditions for maintaining public status, and does not mean the business ceases operations.

Expectations for a 'revival' of FLC stock trading.

This series of decisions is taking place against the backdrop of the FLC ecosystem still being affected by ongoing legal issues related to Mr. Trinh Van Quyet, the former chairman of FLC Group.

According to the investigation findings and published verdicts, Mr. Quyet directed the artificial inflation of FLC Faros's charter capital from 1.5 billion VND to 4,300 billion VND, created fraudulent documents to list ROS shares on the Ho Chi Minh City Stock Exchange (HoSE), and then sold the shares, embezzling more than 3,621 billion VND from investors.

In addition, during the period 2017-2022, Mr. Quyet also instructed relatives and employees to open multiple accounts to manipulate the prices of five stocks, including AMD, HAI, GAB, FLC, and ART, illegally profiting more than 700 billion VND.

According to the authorities, Mr. Quyet has fulfilled his obligations under the court order, while compensation payments to the victims are still being made in accordance with regulations.

Regarding the resumption of FLC stock trading, at the recent shareholders' meeting, the Group's representative stated that the company had worked with independent auditing firms and provided financial documents for preliminary assessment.

The General Meeting also authorized the board of directors to select an auditing firm to review, audit, and issue the remaining outstanding financial statements.

According to the plan, FLC will release its financial report for the period 2021-2024 in 2025, while the 2025 financial report is expected to be published in the first quarter of 2026. After completing the documentation, the group will submit the report to the State Securities Commission and the stock exchanges to carry out procedures related to the possibility of resuming stock trading.

According to this roadmap, FLC shares could return to trading on UPCoM in the first quarter of 2026, as the company is completing its outstanding financial obligations.

LINH NGUYEN

Source: https://tuoitre.vn/tap-doan-flc-mat-tu-cach-cong-ty-dai-chung-2025121919002245.htm