Vietnamese businessman Trinh Van Quyet has stepped down as Chairman of Bamboo Airways and real estate development company FLC after his arrest on suspicion of stock manipulation.
He has authorized Deputy CEO of FLC Group, Vu Dang Hai Yen, to act as chairwoman of the Board of Directors at FLC and Bamboo Airways in his absence.
Quyet sold 74.8 million shares of FLC stock in January but failed to report the sale to the State Securities Commission (SSC) three working days beforehand, as is required by law. As a result, he was fined 1.5 billion VND (about 65,000 USD) and banned from trading in stocks for five months.
With a large stocks portfolio, Quyet was once one of the wealthiest people on the Vietnamese stock exchange.
He began his career as a lawyer, establishing SMiC Law Firm before growing his business portfolio and establishing FLC in 2010.
The company entered the aviation market in 2019, founding Bamboo Airways.
According to the Vientiane Times, FLC had been recommended by the Vietnamese government as a partner in constructing the Vientiane – Vung Ang Railway planned to run between Laos and Vietnam.
Meanwhile, Bamboo Airways signed a Memorandum with Lao Airlines this week to create a maintenance base and hangar at Vientiane’s Wattay airport.