This week, the Hanoi People’s Court held a first-instance trial on stock market manipulation and fraud involving the former chairman of the FLC Group, Trinh Van Quyet, and 49 other defendants.
Mr. Quyet and seven others were tried on charges of stock market manipulation and fraud. During the examination on July 25, according to VnExpress, the former FLC chairman informed the court about the sale of “his lifelong passion, Bamboo Airways,” to remedy the consequences of the case.
Accordingly, when the buyer paid 200 billion VND, Mr. Quyet submitted the entire amount to the investigating agency. “For the remaining 500 billion VND, the buyer of Bamboo Airways has committed to transfer it,” Mr. Quyet said in court.
When the buyer of Bamboo Airways’ shares paid 200 billion VND, Mr. Quyet submitted the entire amount to the investigating agency.
By the afternoon of July 26, the Prosecution noted that Mr. Quyet had a cooperative attitude and a desire to remedy the consequences, but in reality, only more than 200 billion VND has been recovered so far.
As of May 2023, Mr. Nguyen Ngoc Trong – the former Chairman of Bamboo Airways – stated that Mr. Trinh Van Quyet was the sole founding shareholder of the airline. The next two important people who accompanied him from the early days were Mr. Trong himself and Ms. Vu Dang Hai Yen.
Mr. Trong emphasized that Mr. Quyet was the only founding shareholder, while he, Ms. Yen, and others were “employees.”
Bamboo Airways Aims for Break-Even in 2025
Established in 2017 and officially launched on January 16, 2019, Bamboo Airways is Vietnam’s first private airline to offer high-quality services following the traditional full-service carrier model.
In October 2023, Bamboo Airways closed its international network, stating that this move aimed to “maintain stable operations on key domestic routes.”
Specifically, the airline used to operate flights to London Gatwick (UK), Incheon (South Korea), Sydney/Melbourne (Australia), Frankfurt (Germany), Singapore, Taipei (Taiwan, China), Bangkok (Thailand), and Narita (Japan).
Currently, Bamboo Airways focuses on operating domestic destinations.
Bamboo Airways is currently focusing on domestic routes.
In February this year, Mr. Phan Dinh Tue became the Chairman of the Board of Bamboo Airways for the term 2023 – 2028. According to the airline, Mr. Phan Dinh Tue is a leader with nearly 40 years of experience in the fields of economics, finance – banking, and enterprise restructuring.
He also holds senior positions in several businesses and associations: Vice Chairman of the Board of Nguyen Hoang Education Group, Vice Chairman of the Ho Chi Minh City Business Association (HUBA), and Vice Chairman of the Golden Star Land Vietnam Entrepreneurs Club – under the Vietnam Young Entrepreneurs Association.
At Bamboo Airways, before taking on the role of Chairman, Mr. Phan Dinh Tue was the Standing Vice Chairman of the Board.
The airline aims to reach the break-even point by 2025 and gradually improve its operational efficiency in the following years. Bamboo Airways targets a fleet size of 30 to 50 aircraft in the 2026-2028 period, expanding its domestic and key international route network.
The current CEO of Bamboo Airways is Mr. Luong Hoai Nam, who took office in October 2023.
On the afternoon of July 26, the Prosecution presented its arguments and proposed sentences for the defendants. Mr. Trinh Van Quyet was recommended to be sentenced to 5-6 years in prison for stock market manipulation and 19-20 years in prison for fraud. The total sentence proposed by the Prosecution for Mr. Quyet is 24-26 years in prison.
The Prosecution acknowledged Mr. Quyet’s cooperative attitude and his desire to remedy the consequences, but in reality, only a fraction of the damage, approximately 200 billion VND, has been recovered so far.
The Prosecution considered this amount “insignificant” compared to the losses caused by the defendants’ illegal actions. They also presented mitigating and aggravating circumstances when proposing the sentences.
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22 suspects have assisted the former Chairman of the FLC Group, Trinh Van Quyet, in inflating the charter capital of FLC Faros Construction Joint Stock Company from 1.5 billion VND to 4,300 billion VND, equivalent to 430 million shares, listed on the HOSE stock exchange. They are accused of embezzling investors’ money.
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