An enterprise ‘FLC family’ replaced the entire Board of Directors and Supervisory Board

On December 24, the 2024 Extraordinary General Meeting of Shareholders of FLC Stone Investment and Minerals Joint Stock Company (Stock code: AMD) approved the dismissal of the entire Board of Directors (BOD), Supervisory Board, according to the previous resignation letter. Specifically, the Board of Directors includes Mr. Bui Van Ngoc, who has joined the Board of Directors since 2022 and was appointed Chairman of the Board of Directors of FLC Stone less than 3 months ago, resigned and was approved. At the same time, four other members of the Board of Directors, Mr. Nguyen Duc Cong, Ms. Tran Thi Huong, Ms. Vu Thi Minh Hue and Mr. Nguyen Cong Lai, also resigned.

Mr. Nguyen Duc Cong has been a member of the Board of Directors of FLC Stone since April 2020. The remaining four members joined the Board of Directors of FLC Stone after Mr. Trinh Van Quyet – Former Chairman of the Board of Directors and a series of leaders of FLC Group (Stock code: FLC) were arrested to investigate stock manipulation behavior at the end of March/ 2022.

At the meeting, shareholders elected a new Board of Directors with many names from FLC Group. Mr. Do Manh Hung, born in 1983, member of the Board of Directors of FLC Group, was elected Chairman of the Board of Directors. Two other members of the Board of Directors of FLC, Mr. Vu Anh Tuan and Mr. Nguyen Thanh Tung, were also elected to the Board of Directors of FLC Stone.

All three of these people just joined the FLC Board of Directors a month ago, do not hold AMD shares and have never held leadership positions in this company before. The remaining member of the Board of Directors of FLC Stone is Mr. Trinh Quoc Thi, who is currently Deputy General Director.

Three members of the Supervisory Board were also dismissed, including Ms. Nguyen Thi Thom, Ms. Nguyen Thi Kim Hoa, and Ms. Nguyen Thi My Le. Replacing these people are Mr. Nguyen Le Thanh, Mr. Le Phuoc Hien, and Ms. Pham Thi Phuong Mai. Among them, Mr. Thanh is the Head of the Supervisory Board.

The resignation of the entire Board of Directors and Supervisory Board was confirmed by FLC Stone’s leadership “not affecting business operations”.

FLC Stone was established in 2007, operating mainly in the field of exploitation, production and distribution of natural stone products. In 2017, FLC Faros (ROS – the company in which Mr. Quyet holds 4.18% capital) spent more than 165 billion VND to buy AMD shares, equivalent to more than 24% of charter capital, and became a major shareholder. However, currently FLC Faros has divested all capital from FLC Stone.

At the Annual General Meeting of Shareholders in June 2022, Chairman of the Board of Directors of FLC Stone at that time, Mr. Nguyen Duc Cong, affirmed that the name has the letters FLC but the business is not a subsidiary or affiliated company of FLC Group. . Mr. Trinh Van Quyet also does not hold executive power or own a majority of AMD shares. FLC Group is just a large customer, consuming many of the company’s stone products.

However, AMD is still classified in the “FLC family” along with FLC, HAI, KLF, ART, ROS because this stock is also one of the codes whose price was manipulated by Mr. Trinh Van Quyet and his accomplices.

AMD shares were forced to be delisted by the Ho Chi Minh City Stock Exchange (HoSE) in June 2023 for “serious violations of information disclosure obligations”. A month later, AMD was traded on UPCoM but as soon as it was listed, trading continued to be suspended.

During the extraordinary shareholder meeting on December 24, FLC Stone’s leader said that the business is coordinating with UHY Auditing and Consulting Co., Ltd. to complete the audit to release financial statements for 2022 and 2023. Issuing audited financial statements and successfully organizing the annual shareholder meeting are also one of the necessary conditions for FLC Stone to be approved to trade again.