On the morning of March 27, 2026, Trinh Van Quyet appeared at the “Gia Lai 2026: Activating the Sea-Highland Axis” conference as Chairman of FLC Group.CafeF For the first time in 4 years since his arrest, the name Trinh Van Quyet is once again attached to the Chairman’s seat.
But who stands to lose if history repeats itself?
The Legal Journey — From 21 Years Down to 7
In August 2024, the Hanoi People’s Court sentenced Quyet to a total of 21 years in prison: 3 years for stock market manipulation and 18 years for fraud and asset misappropriation.Government News The case caused VND 723 billion in losses to investors.
At the appellate trial in June 2025, the court reduced the sentence to 7 years and a VND 4 billion fine — reasoning that he had paid approximately VND 2,500 billion in damages, suffered serious health decline, and had multiple mitigating circumstances. By October 2025, the Hanoi Civil Judgment Enforcement Department confirmed he had completed his civil obligations.Tuoi Tre
What the reports don’t say: completing civil obligations does not equal completing the prison sentence. Quyet is still serving a 7-year term. The Ministry of Justice has stated it has no information regarding his prison sentence enforcement.
Chairman Status — An Unanswered Legal Question
According to Tuoi Tre, Quyet was dismissed from the Board of Directors at the May 2022 Annual General Meeting.Tuoi Tre Under the 2020 Enterprise Law, the Board Chairman must be elected by the Board from members already approved by the General Meeting. To date, no official announcement of his reappointment has been made. According to business registration records updated December 2025, FLC’s Board Chairman remains Vu Anh Tuan.
The real risk lies here: a person still serving a prison sentence, not reappointed through legal procedures, has already appeared publicly as Chairman. If this title is not legally valid, any executive decisions made from that position could be nullified.
Where Does FLC Stand After 4 Years of Crisis?
FLC’s current state is a far cry from its glory days:
- Fully delisted — removed from HOSE (Feb 2023), then UPCoM (Dec 2025), losing public company status entirely.
- OTC stock trading — since March 6, 2026, FLC trades via Artex at roughly VND 3,500/share through direct negotiation, with very low liquidity.CafeF
- No transparent financial statements — FLC is no longer obligated to disclose periodic financial information.
- Large but stalled project portfolio — over 50 projects across 11 provinces, 10,000 hectares of land, but the FLC Hilltop Gia Lai project was flagged for violations by the Government Inspectorate.
Bamboo Airways — Dream or Burden?
FLC regained control of Bamboo Airways in late September 2025, targeting a recovery to a fleet of 30 aircraft. But reality paints a harsh picture:
- Bamboo owed ACV approximately VND 2,622 billion in overdue debts as of late 2025.
- The airline returned its entire A320 fleet, erasing USD 220 million in lease debts but leaving it with zero operational aircraft.
- The aviation market is fiercely competitive — Vietjet is expanding, Vietnam Airlines is recovering, and Sun Phu Quoc Airways has entered the market.
Securities firms assess that Bamboo is only viable if it secures new investors and resolves all outstanding debts. Those are two very big “ifs.”
The 500-Hectare Gia Lai Project — Where Is the Money?
FLC announced it will break ground next week on a 500-hectare project in Dak Doa comprising a resort hotel, 36-hole golf course, and conference center. The target market: Northeast Asian tourists.
But who is funding this? The Dak Doa golf course alone is estimated at VND 1,150 billion. Combined with Hilltop, total capital requirements in Gia Lai could approach VND 2,000 billion — while FLC has yet to demonstrate financial capacity.
Lessons for Retail Investors
What the reports don’t spell out — but you need to know:
- Legal risk — The Board Chairman title remains unclear. He is still serving a 7-year prison sentence.
- Financial risk — No financial statements, OTC stock with low liquidity, and undisclosed funding sources.
- Risk of history repeating — The FLC case caused VND 723 billion in losses through manipulation of 5 stock tickers.
VND 3,500 per share may look cheap. But a low price does not equal opportunity when transparency is virtually zero. Before making any investment decision, ask yourself: are you buying into a recovery story, or trying to catch a falling knife?
Follow official announcements from FLC and legal developments. Don’t let a dramatic comeback story overshadow very real risks.