Bamboo Airways not affected by ex-chairman’s arrest

The Civil Aviation Authority of Vietnam says carrier Bamboo Airways is operating normally, unaffected by the recent arrest of its ex-chairman Trinh Van Quyet.

The carrier’s key personnel, including pilots, cabin crew, and technical staff are complying with all regulations, it reported to the Ministry of Transport Thursday, after an emergency meeting with the airline’s management.

The meeting happened a day after the arrest of real estate giant FLC and Bamboo Airways chairman Trinh Van Quyet for alleged manipulation of his company’s share prices by using 20 different trading accounts to create fake demand.

Quyet is the largest shareholder of the airline, holding 55.5 percent of its charter capital, or VND3.89 trillion ($170.3 million). Bamboo Airways has a charter capital of VND7 trillion.

The aviation authority also assured that in the case Quyet’s assets were frozen, the carrier would still operate normally operational, as it meets the government’s minimum capital requirement of VND700 billion.

But it will keep a close watch on the carrier for the next three to six months to ensure safety and assess the impacts of Quyet’s arrest.

“The Civil Aviation Authority of Vietnam will support Bamboo Airways when necessary to help the airline overcome current difficulties, and maintain development,” it said.

On Thursday, FLC deputy chairman and Bamboo Airways’ general director Dang Tat Thang replaced Quyet as the airline’s new chairman until shareholders and the board of directors make a final decision.

Thang continues to retain his position as general director.