Ms. Nguyen Thi Nhu Loan and a series of scandalous deals to buy cheap public land by Quoc Cuong Gia Lai

In the past decade, Quoc Cuong Gia Lai of Ms. Nguyen Thi Nhu Loan has been involved in deals to buy and sell cheap prime land.

Quoc Cuong Gia Lai's main business areas are real estate, rubber, hydropower, wood and construction, but the reputation of CEO Nguyen Thi Nhu Loan is associated with cheap public land transfer projects, and recently, with Ms. Truong My Lan in the Van Thinh Phat scandal.

Quoc Cuong Gia Lai's scandalous project

Ms. Nguyen Thi Nhu Loan, General Director of Quoc Cuong Gia Lai Joint Stock Company, was prosecuted and temporarily detained in the case that occurred at the Vietnam Rubber Industry Group. In this case, Quoc Cuong Gia Lai bought 100% of the capital contribution of the investor of the project 39-39B Ben Van Don (District 4, Ho Chi Minh City) for more than 464 billion VND (area 6,202m²) in 2014.

The land is originally state-owned and managed by Dong Nai Rubber Corporation and Ba Ria Rubber Company under Vietnam Rubber Industry Group, and these two enterprises contributed capital to establish Phu Viet Tin Company for business purposes.

With this deal, Quoc Cuong Gia Lai of Ms. Nguyen Thi Nhu Loan bought this land from the investor, Phu Viet Tin Company, even though this is public land and the transferring enterprise is 100% state-owned, meaning the public land has been transferred to private hands without auction.

In 2017, Phu Viet Tin merged with Phuc Nguyen Real Estate Investment and Development Company Limited to become Nova Phuc Nguyen Real Estate Investment and Development Company Limited.

On this land, two apartment towers, 17 and 33 stories high, with nearly 500 apartments, have been built, and residents have lived there, but due to an investigation into the origin of the land, residents are still "empty" of their pink books.

With this project, Quoc Cuong Gia Lai has become a "link" in the process of public land being transferred to private land. However, before being prosecuted, Ms. Nguyen Thi Nhu Loan herself also spoke up to confirm that the project was legally sufficient so she had to buy it back, and whether or not to auction it was up to the government and the People's Committee of Ho Chi Minh City to decide.

Unsuccessful public land purchase deal, many people entangled in legal trouble

During the trial of the major case at Ms. Truong My Lan's Van Thinh Phat Group, Quoc Cuong Gia Lai was also named when the jury determined that Ms. Truong My Lan used Sunny Island Investment Joint Stock Company to sign a contract promising to buy and sell the Bac Phuoc Kien residential area project with Quoc Cuong Gia Lai, the price was 14,800 billion VND.

Ms. Lan paid Quoc Cuong Gia Lai 2,882.8 billion VND, but because Sunny Island violated its payment obligation, Quoc Cuong Gia Lai only agreed to pay Sunny Island 1,444.1 billion VND.

Quoc Cuong Gia Lai also said that it was the "honest" party when it did not know the payment was from Ms. Truong My Lan and appealed, saying it only paid 1,441.4 billion VND to defendant Truong My Lan.

At the same time, 475 real estates related to Quoc Cuong Gia Lai were seized in the Van Thinh Phat case.

Another incident related to public land was the sale of 32 hectares of public land to Quoc Cuong Gia Lai in 2017, which caused many leaders of Tan Thuan Company to be entangled in legal trouble. With this project, Quoc Cuong Gia Lai also targeted the public land to propose a project investment cooperation plan with a ratio of 75:25, or to buy back 100% of the Phuoc Kien project.

At that time, the land price was just over 1 million VND/m², the transfer price was over 1.2 million VND/m², then the price was asked to be renegotiated but it was only raised to nearly 1.8 million VND/m².

However, the deal failed, the transfer contract was cancelled, and those involved in the transfer process were imprisoned.

As a listed company, Quoc Cuong Gia Lai has "hidden" information about many billion-dollar deals. Specifically, before 2018, this company had 14 transfer and transfer transactions with a total value of thousands of billions of VND but did not disclose the information.

The reason given by the business is that due to constant changes in secretarial and corporate administrative personnel, the process of updating administrative regulations is limited...

Quoc Cuong Gia Lai is also associated with the name of businessman Nguyen Quoc Cuong, nicknamed Cuong Dola (son of Mrs. Nguyen Thi Nhu Loan), when Mr. Cuong once held a leadership role as deputy general director and member of the board of directors.

In 2018, Mr. Cuong resigned from his leadership roles at Quoc Cuong Gia Lai even though this is a business named after him, and the time of resignation also came after the incident of transferring 32 hectares of public land at a cheap price.

Source: https://tuoitre.vn/ba-nguyen-thi-nhu-loan-va-loat-thuong-vu-tai-tieng-mua-dat-cong-gia-re-cua-quoc-cuong-gia-lai-20240720135223254.htm