In the report submitted to the Hanoi Stock Exchange (HNX) regarding the principal and interest payment status of bond series FLCH 2123003,
FLC Group
stated that it is still unable to fulfill its obligations to repay the principal and borrowings.
The bond series has a value of VND 1,150 billion, issued on December 28, 2021, and matured on December 28, 2023, with interest payments every 6 months.
As of March 5, FLC has to repay VND 996.4 billion in principal, but the company has only been able to pay VND 100.1 million. For the interest payment of VND 59.7 billion due on June 28, 2023, FLC has paid nearly VND 6 billion. As for the interest payment of VND 59.8 billion due on December 28, 2023, FLC has not made any payment.
The company stated that it is currently in negotiations with investors for an extension plan. Previously, on December 22, 2023, FLC announced the results of the bondholders’ opinion poll on 4 extension plans. The result was that none of the plans were approved.
The company stated that it is currently in negotiations with investors for an extension plan.
FLC also announced the extraordinary General Meeting of Shareholders for 2024, which includes the approval of the dismissal of members of the Board of Directors Doan Huu Doan and Le Thai Sam. The replacements are Le Tien Dung and Ngo Dang Hoang Anh. FLC also approved the dismissal of members of the Supervisory Board Nguyen Tri Thong and Nguyen Quang Thai. The replacements are Nguyen Thi Van Anh and Nguyen Thu Hien.
The group also announced a change in its headquarters, moving from 265 Cau Giay to FLC Landmark building (Le Duc Tho, Hanoi). According to FLC, this is part of the comprehensive restructuring plan of the group to meet business operation requirements and minimize operating costs to focus resources on business investment activities.
It is worth noting that during the discussion, FLC responded to shareholders about the current status of the 22 individuals who were arrested and prohibited from leaving their residences by the Investigative Police Agency of the Ministry of Public Security (on January 28, 2023) in relation to the fraud and misappropriation case that occurred at FLC Group.
FLC stated that among the mentioned individuals, some were former leaders and employees of the group. However, the incident occurred at a time when these individuals were no longer holding leadership positions at FLC and originated from activities related to FLC Faros before 2017. At the time of prosecution, these individuals were no longer working for FLC.
FLC’s leadership also emphasized that this incident has no impact or changes on the current important directions of the company.
Regarding being enforced to pay taxes by suspending the use of invoices, FLC stated that in July 2022 was the first time the group was subject to enforcement. So far, FLC has fulfilled tax obligations and other obligations to the state amounting to over VND 800 billion. As of now, the remaining tax and other obligations of FLC to the state are about VND 600 billion.
