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Tuesday, July 16, 2024

All board members of Bamboo Airways step down

The Saigon Times

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HCMC – Bamboo Airways has released documents in preparation for the upcoming general meeting of shareholders, confirming that all the five board members of the airline have tendered their resignation.

Their resignation will be reviewed by shareholders at the meeting on June 21, during which Bamboo Airways will also vote to select seven new board members for the 2023-2028 term.

The five board members who have submitted their resignation letters are Nguyen Ngoc Trong, Doan Huu Doan, Le Ba Nguyen, Le Thai Sam, and Nguyen Manh Quan.

Nguyen Ngoc Trong has been serving as chairman of Bamboo Airways’ board of directors since August last year. Previously, he had held the post of deputy CEO since the establishment of the company in 2018.

Le Ba Nguyen and Doan Huu Doan have served as deputy chairmen of the privately-held airline.

Nguyen is the brother-in-law of former FLC Chairman Trinh Van Quyet, who is currently in police custody for alleged stock market manipulation. Nguyen is currently the chairman of FLC’s board of directors.

Doan joined the company last August.

Nguyen Manh Quan had been the CEO of Bamboo Airways since July but requested to resign from the position at the end of last month.

Le Thai Sam has been a director at both Bamboo Airways and FLC. He has loaned the airline VND7.7 trillion (US$327.55 million).

In early May, FLC announced the transfer of over 400 million shares of Bamboo Airways, representing a 21.7% stake, to Sam. Prior to the share transfer, Sam held 231.7 million shares of Bamboo Airways, equivalent to 12.53% of the airline’s charter capital. As a result, Sam could now own more than 34% of Bamboo Airways’ capital.

Bamboo Airways will also dismiss three members of the supervisory board, Tran Anh Tuan, Pham Van Phung, and Nguyen Dang Khoa, and find replacements at the upcoming meeting.

The airline has not yet announced any details regarding the new board of directors.

Currently, Bamboo Airways is under the leadership of CEO Nguyen Minh Hai, who previously served as deputy CEO of Vietnam Airlines and CEO of Cambodia Angkor Air.

In 2022, Bamboo Airways incurred accumulated losses of over VND19,300 billion and had negative shareholder equity of over VND830 billion.

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