The Hanoi Tax Department has found that property developer FLC has US$3.3 million owed in back taxes, VN Express is reporting. The publication also notes that FLC hasn’t released its financial reports since the fourth quarter of 2022.

FLC’s chairman was arrested for stock manipulation back in March 2022 and the company has been on a downward spiral ever since (though it wasn’t very healthy to begin with). In light of the recent downturn in the local real estate market, FLC has offloaded a number of assets including Bamboo Airways, and has stopped work on a number of real estate projects. These latest developments suggest any sort of recovery, if one is at all possible, is still a long way off.

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