Ms. Nguyen Thi Nhu Loan was released on bail and will be an executive advisor of Quoc Cuong Gia Lai.

In an information announcement released on the afternoon of November 25, Quoc Cuong Gia Lai Joint Stock Company (QCG) informed that Ms. Nguyen Thi Nhu Loan, the former General Director of this enterprise, had her preventive measures changed by the Investigation Police Agency - Ministry of Public Security on November 11, 2024. Ms. Nguyen Thi Nhu Loan is currently on bail while the authorities investigate the case.

The announcement signed by General Director Nguyen Quoc Cuong said that after the change in preventive measures, Ms. Nguyen Thi Nhu Loan will continue to support the investment and business activities of Quoc Cuong Gia Lai Joint Stock Company, by accompanying the Board of Directors (BOD) and the Board of General Directors, to continue to resolve the work and projects that are still being implemented.

Ms. Nguyen Thi Nhu Loan was prosecuted and temporarily detained since July 19, related to the transfer of the project 39-39B Ben Van Don (District 4 - Ho Chi Minh City). (Photo: TL)

"As a major shareholder and someone who understands the process of corporate governance and management, and has a deep understanding of the company's investment projects and operations, QCG's Board of Directors and General Director expressed their confidence in the support and advice of Ms. Nguyen Thi Nhu Loan, and at the same time expressed their determination to develop stably and achieve the goals set by the General Meeting of Shareholders and investors," the announcement stated.

Previously, on July 19, 2024, Ms. Nguyen Thi Nhu Loan was prosecuted and temporarily detained for violating regulations on management and use of State assets causing loss and waste in Clause 3, Article 219 of the Penal Code.

Ms. Nhu Loan was accused of violating the law in the transfer of the project 39-39B Ben Van Don (District 4 - Ho Chi Minh City).

At that time, the authorities said they were consolidating documents and evidence for the violations of the prosecuted defendants, while continuing to expand the investigation of the case, clarifying other violations of Quoc Cuong Gia Lai Joint Stock Company and related units and individuals, and applying measures according to law to thoroughly recover assets for the State.

Also related to this case, the Ministry of Public Security's Investigation Police Agency has also issued a decision to prosecute the accused, an arrest warrant for temporary detention, a ban on leaving the place of residence, and a search warrant for Ms. Nguyen Thi Hong - former Deputy Head of Steering Committee 09, Vice Chairman of the Ho Chi Minh City People's Committee, for the crime of Abusing position and power while performing official duties; Mr. Tran Ngoc Thuan - former member of the Board of Directors, General Director of the Vietnam Rubber Group, for the crime of Receiving bribes.

The investigation agency also prosecuted Mr. Vo Sy Luc - former Chairman of the Board of Directors of Vietnam Rubber Group and Tran Thoai - member of the Board of Directors, Deputy General Director of Vietnam Rubber Group, for violating regulations on management and use of State assets causing loss and waste, along with a series of other related individuals.

Ms. Nguyen Thi Nhu Loan, born in 1960 in Binh Dinh, is the founder of Quoc Cuong Gia Lai since 1994, formerly known as Quoc Cuong Private Enterprise. In 2007, the company was equitized with a charter capital of 259 billion VND, Ms. Loan concurrently held the position of Chairman and General Director. In 2020, Mr. Pham The Ha replaced Ms. Loan as Chairman. Ms. Loan held the position of General Director until July 19, 2024 before being prosecuted.

Currently, Ms. Nguyen Thi Nhu Loan and her family hold the majority of shares in the enterprise. As of the end of 2023, Ms. Loan owned nearly 102 million QCG shares, equivalent to 37.05% of the enterprise's capital. If including the shares of related people, the ownership of this group accounts for 60% of Quoc Cuong Gia Lai's capital.

Quoc Cuong Gia Lai operates in the fields of investment, development, real estate business, hydropower and rubber plantation, with many famous real estate projects in Ho Chi Minh City.

After Ms. Nhu Loan was arrested, Mr. Nguyen Quoc Cuong, Ms. Loan's son, was nominated by the Board of Directors as a member of the Board of Directors for the 2022-2027 term, and was appointed as General Director, legal representative of Quoc Cuong Gia Lai from July 23, 2024.

In 2024, Quoc Cuong Gia Lai set a target of net revenue of 1,300 billion VND, 3 times higher than 2023 revenue and pre-tax profit of 100 billion VND, up to 20 times higher than last year. However, in the 3 quarters of 2024, the company only made a profit of nearly 11 billion VND.

Ha Linh

Source: https://vtcnews.vn/ba-nguyen-thi-nhu-loan-duoc-tai-ngoai-se-co-van-dieu-hanh-quoc-cuong-gia-lai-ar909578.html