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

In a press release issued on the afternoon of November 25th, Quoc Cuong Gia Lai Joint Stock Company (QCG) announced that Ms. Nguyen Thi Nhu Loan, the former General Director of the company, had her preventive measures changed by the Police Investigation Agency - Ministry of Public Security on November 11th, 2024. Ms. Nguyen Thi Nhu Loan is currently out on bail while the authorities investigate the case.

The announcement, signed by General Director Nguyen Quoc Cuong, stated that after the change in the 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 working alongside the Board of Directors and the General Management Board to continue resolving outstanding issues and projects.

Ms. Nguyen Thi Nhu Loan was indicted and taken into temporary custody on July 19th, in connection with the transfer of the 39-39B Ben Van Don project (District 4, Ho Chi Minh City). (Photo: Provided)

"As a major shareholder and someone with a thorough understanding of the company's governance and operations, and a deep grasp of its investment projects and activities, the Board of Directors and the General Management Board of QCG express their confidence in the support and guidance of Ms. Nguyen Thi Nhu Loan, and demonstrate their determination to achieve stable development and meet 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 the management and use of state assets, causing losses and waste, as stipulated in Clause 3, Article 219 of the Penal Code.

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

Authorities stated at the time that they were consolidating documents and evidence regarding the wrongdoings of the defendants who had been prosecuted, while continuing to expand the investigation into the case, clarifying other violations by Quoc Cuong Gia Lai Joint Stock Company and related units and individuals, and applying measures prescribed by law to thoroughly recover assets for the State.

Also related to this case, the Investigation Police Department of the Ministry of Public Security has issued decisions to prosecute, arrest, detain, prohibit from leaving their place of residence, and search warrants against Ms. Nguyen Thi Hong - former Deputy Head of the Steering Committee 09, Vice Chairman of the People's Committee of Ho Chi Minh City, for the crime of Abusing Position and Power while Performing Official Duties; and Mr. Tran Ngoc Thuan - former member of the Board of Directors, General Director of Vietnam Rubber Group, for the crime of Accepting Bribes.

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

Ms. Nguyen Thi Nhu Loan, born in 1960 in Binh Dinh province, founded Quoc Cuong Gia Lai in 1994, formerly known as Quoc Cuong Private Enterprise. In 2007, the company was equitized with a charter capital of 259 billion VND, with Ms. Loan serving as both 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 company. As of the end of 2023, Ms. Loan owned nearly 102 million QCG shares, equivalent to 37.05% of the company's capital. Including shares held by related parties, this group's ownership 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 well-known real estate projects in Ho Chi Minh City.

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

In 2024, Quoc Cuong Gia Lai set a target of 1,300 billion VND in net revenue, three times the revenue of 2023, and a pre-tax profit of 100 billion VND, a 20-fold increase compared to the previous year. However, in the first three quarters of 2024, the company only earned nearly 11 billion VND in profit.

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