Sitting in the 'hot seat', Mr. Cuong 'dollar' lent Quoc Cuong Gia Lai a large sum of money

Quoc Cuong Gia Lai has just had the most positive business results since the beginning of 2022.

Ms. Nhu Loan's family lent the company nearly 83 billion VND.

Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai) has just announced its consolidated financial report for the third quarter of 2024 with many positive information compared to the same period last year.

Specifically, in the third quarter of 2024, Quoc Cuong Gia Lai achieved revenue of 178 billion VND, a sharp increase compared to 77 billion VND in the same period. Although revenue increased sharply, the cost of goods sold exceeded 150 billion VND, so the company's gross profit only reached 28 billion VND.

If in the same period last year, Quoc Cuong Gia Lai only had 6.3 billion VND in pre-tax profit, in the third quarter of 2024, this number increased to 28.5 billion VND. Quarterly, this is Quoc Cuong Gia Lai's most positive business result since the beginning of 2022.

After Ms. Nguyen Thi Nhu Loan was prosecuted and temporarily detained for her involvement in the case of transferring public land at 39-39B Ben Van Don, District 4, Ho Chi Minh City, Mr. Nguyen Quoc Cuong (also known as Cuong "dollar"), Ms. Loan's son, was appointed to the position of General Director of Quoc Cuong Gia Lai.

Since leaving Quoc Cuong Gia Lai in 2018 to build his own career, Mr. Cuong “Dollar” has had almost no connection with the company. However, after sitting in the “hot seat” from July 23 until now, Mr. Cuong “Dollar” has lent Quoc Cuong Gia Lai 30 billion VND.

In the list of leaders who regularly lend money to Quoc Cuong Gia Lai, there are Ms. Nhu Loan and her daughter Nguyen Ngoc Huyen My. As of the end of September 2024, Ms. Loan and her daughter lent Quoc Cuong Gia Lai 2 billion VND and 50.7 billion VND, respectively.

Thus, Ms. Nhu Loan and her two children are lending Quoc Cuong Gia Lai nearly 83 billion VND. In addition to this amount, the company also has to repay 478 billion VND borrowed from related individuals and businesses.

The fate of the project related to Ms. Truong My Lan

At the annual general meeting of shareholders held at the end of July 2024, Mr. Cuong "dollar" said that Quoc Cuong Gia Lai's current concern is the debt of 2,882 billion VND that must be paid to Ms. Truong My Lan to remedy the consequences of the case that occurred at Van Thinh Phat Group.

This is the amount of money that the company belonging to the Van Thinh Phat Group ecosystem deposited with Quoc Cuong Gia Lai to receive the transfer of the Bac Phuoc Kien Residential Area project in Nha Be district. However, this deal failed.

When asked about how to handle the above debt, Mr. Cuong "dollar" said the company will divest capital from 3 hydropower projects and focus on handling inventory in real estate projects, expected to collect about 2,000 billion VND.

According to the General Director of Quoc Cuong Gia Lai, after paying 2,882 billion VND, the company will receive the project back and plan to continue implementing it in a suitable direction.

As of the end of September 2024, Quoc Cuong Gia Lai still recorded a payable amount of VND 2,882 billion related to the Bac Phuoc Kien Residential Area project.

HQ (according to Vietnamnet)

Source: https://baohaiduong.vn/ngoi-ghe-nong-cuong-do-la-cho-quoc-cuong-gia-lai-muon-so-tien-lon-397008.html