What other connection does Ms. Nguyen Thi Nhu Loan have with Quoc Cuong Gia Lai?

(Dan Tri Newspaper) - Ms. Nguyen Thi Nhu Loan has been recommended for prosecution. According to the 2024 corporate governance report, she is a shareholder owning nearly 102 million shares of Quoc Cuong Gia Lai.

Ms. Nguyen Thi Nhu Loan, former General Director of Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG), has been recommended for prosecution by the Police Investigation Agency of the Ministry of Public Security for violating regulations on the management and use of state assets, causing losses and waste. According to the investigation's conclusions, Ms. Loan benefited from and is personally responsible for over 297 billion VND.

The incident occurred at the Vietnam Rubber Industry Group, Dong Nai Rubber Corporation, Ba Ria Rubber Company, Ho Chi Minh City People's Committee, the Ministry of Agriculture and Environment , and related units.

Previously, in July 2024, Ms. Loan was indicted and detained for investigation. In November of the same year, the former CEO was released on bail while authorities investigated the case.

After being released on bail, Quoc Cuong Gia Lai issued a statement saying that the former General Director would continue to contribute to the company's investment and business activities by working alongside the Board of Directors and the General Management Board to resolve issues and investment projects that the company is currently undertaking.

Ms. Nguyen Thi Nhu Loan (Photo: Bui Ngoc).

Ms. Loan is known as the founder of the company and has been involved with the business for nearly 30 years, experiencing its various ups and downs. After Ms. Loan's arrest, her son, Mr. Nguyen Quoc Cuong, was appointed as the legal representative and General Director of the company. To this day, Mr. Cuong still holds the executive position.

Quoc Cuong Gia Lai's first-half corporate governance report this year does not specify the individual ownership percentage in the company. However, according to the 2024 corporate governance report, Ms. Nguyen Thi Nhu Loan owns nearly 102 million QCG shares.

Ms. Loan's daughter, Ms. Nguyen Ngoc Huyen My, owns nearly 39.4 million shares. Her son-in-law, Mr. Lau Duc Huy, holds over 10.5 million shares. Mr. Nguyen Quoc Cuong holds 537,500 shares in the company he manages.

Even after being released on bail, Ms. Loan remains a creditor of Quoc Cuong Gia Lai. On January 1st and June 30th of this year, she still lent the company 2 billion VND. However, in the most recent report in September, this debt was no longer outstanding.

In the first nine months of this year, Quoc Cuong Gia Lai achieved revenue of 354 billion VND, an increase of 46%, while after-tax profit nearly quadrupled compared to the same period last year, reaching 34 billion VND.

One of the problems existing within the company is the debt of nearly 2.883 billion VND related to Van Thinh Phat (which occurred during Ms. Loan's tenure as Chairwoman of the Board of Directors).

According to the ruling, the company is responsible for reimbursing Ms. Truong My Lan (Chairwoman of Van Thinh Phat) in exchange for taking back the Bac Phuoc Kien project (Ho Chi Minh City).

To date, the company says it has managed to repay 1,100 billion VND through advance payments from the sale of hydropower and personal loans.

Recently, the company sought shareholder approval for a capital raising plan to repay debt, including transferring equity stakes in subsidiaries and affiliated companies; cooperating and investing in real estate products and projects with capable and interested investors, including related parties.

According to the company's original plan, debt repayment would take approximately two years, starting in the third quarter of this year and ending in the first half of 2027. If cash flow remains stable, the company may be able to repay the debt sooner to secure the "vital" project.

Source: https://dantri.com.vn/kinh-doanh/ba-nguyen-thi-nhu-loan-con-lien-quan-gi-toi-quoc-cuong-gia-lai-20251215174743459.htm