FLC Grand Hotel Ha Long in northern Quang Ninh Province. Photo courtesy of FLC Group
Property developer FLC will resume work on its unfinished projects across Vietnam and even start a new one following months of restructuring after its executives were arrested for fraud.
Do Viet Hung, deputy CEO, informed the company’s shareholders about the status of the projects at its annual general meeting on Tuesday.
They include a golf course in the central province of Quang Binh, for which the company is doing a prefeasibility report to submit to local authorities for approval.
In Hanoi, it is building an intersection to connect Dai Mo Residential Area with a key road.
In the northern town of Ha Long, it has completed 97.5% of an apartment project.
It has sought approval from Quang Tri Province authorities to develop a VND20-trillion resort-entertainment complex.
Hung said the recent exit of top executives did not affect the company and replacements are being found.
The meeting was attended by shareholders owning 31% stakes, lower than the minimum voting requirement of 50%.
Another meeting is scheduled for November.
In August former FLC chairman Trinh Van Quyet was sentenced to 21 years in jail for fraudulent appropriation of assets and stock manipulation.
He has appealed for a reduction in his year jail sentence and the compensation he has to pay victims of his fraud.
Comments are closed.