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CAAV to closely monitor Bamboo Airways for 3-6 months

The Saigon Times

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HCMC – The Civil Aviation Authority of Vietnam (CAAV) will closely monitor Bamboo Airways, whose chairman Trinh Van Quyet has been detained on alleged charges of stock market manipulation, for three to six months.

At an urgent meeting with leaders of Bamboo Airways, Ho Minh Tan, deputy head of CAAV, said the authority would monitor the maintenance and operation of the aircraft and the training of its human resources, the local media reported.

The current legal representative of Bamboo Airways is general director Dang Tat Thang. Therefore, Quyet has no jurisdiction to decide the airline’s development strategy, business and fleet development plans, said Vu Hong Quang, deputy head of CAAV’s Air Transport Department.

Bamboo Airways is currently operating 29 aircraft, with the lease contract for one of them set to end at the end of this year and others in 2024, 2025 or later. CAAV has yet to receive any proposal on the suspension of the operation of Bamboo Airways’ aircraft from aircraft lessors.

According to Bamboo Airways deputy general director Nguyen Ngoc Trong, banks and financial institutions that have signed agreements with Bamboo Airways have committed to maintaining the agreements. The carrier will also fulfill all commitments with its customers.

Its financial report in 2020 showed that its equity was VND4.3 trillion as of January 1, 2020, and rose to nearly VND7.6 trillion by December 31, 2020, and VND16.76 trillion by December 31, 2021.

After being detained, Quyet authorized Vu Dang Hai Yen, deputy general director of FLC Group, to represent him to undertake the duties and rights of the chair of FLC Group and Bamboo Airways, as well as the shareholder rights at the two enterprises.

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