Mr. Nguyen Quoc Cuong met with shareholders after Ms. Nhu Loan was prosecuted.

At the second general meeting of shareholders held on the morning of July 30, Mr. Nguyen Quoc Cuong appeared as General Director of Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) to replace his mother, Ms. Nguyen Thi Nhu Loan (former general director of the company), who is being detained for her involvement in the 39-39B Ben Van Don project, District 4, Ho Chi Minh City.

Many shareholders expressed sympathy and shared with Mr. Nguyen Quoc Cuong and Quoc Cuong Gia Lai after the incident of Ms. Nhu Loan.

Speaking to shareholders, Mr. Nguyen Quoc Cuong emphasized: "The incident that happened at Quoc Cuong Gia Lai involving Ms. Nguyen Thi Nhu Loan was an unpredictable accident and risk. The incident is still under investigation. After a period of suspension, I have now returned to run Quoc Cuong Gia Lai as general director. I guarantee that everything will operate normally and smoothly."

According to Mr. Nguyen Quoc Cuong, the company currently has many potential assets with standard legal documents and can be launched for sale early, such as Marina in Da Nang (expected in the first quarter of 2025). The project has completed tax payments early, so there will be a good discount price.

Quoc Cuong Gia Lai Shareholders' Meeting

Responding to questions from shareholders about debt issues, projects and the issue related to Ms. Truong My Lan's Sunny Land Investment Company, Mr. Cuong said that according to the court's ruling in the Van Thinh Phat case, Quoc Cuong Gia Lai must return to Sunny Land 2,882 billion VND related to transactions at the Phuoc Kien project (Nha Be district, Ho Chi Minh City). Previously, the International Court of Arbitration ruled that Quoc Cuong Gia Lai must only return to Sunny Land 50% of the above amount, which is 1,441 billion VND.

Quoc Cuong Gia Lai is appealing and the project documents are still being kept and sealed by the police. When the payment is completed, the company will receive the red book documents back, without fear of bank mortgage...

"Quoc Cuong Gia Lai is also considering selling off hydropower projects or other real estate projects to pay Sunny Land according to the final court ruling. Once the red book of the Phuoc Kien project is obtained, the company will find potential partners to cooperate in developing the project. This is a very large project with great potential," Mr. Cuong commented.

Quoc Cuong Gia Lai shareholders expressed sympathy with Mr. Nguyen Quoc Cuong.

Regarding the fact that QCG shares have increased to the ceiling price for the past two consecutive sessions, according to Mr. Cuong, it is understandable because shareholders see the company's potential, and the stock price has dropped sharply after the incident. According to CEO Nguyen Quoc Cuong, the bright spot of Quoc Cuong Gia Lai is that its short-term debt is only about 4,900-5,000 billion VND, while its equity is more than 9,000 billion VND. The debt to be paid on interest each year is less than 300 billion VND.

"Debt is not a pressure and has never been a pressure for Quoc Cuong Gia Lai in the future, so the company's financial situation is quite good, not worrying. Therefore, I hope that shareholders will continue to accompany, trust, and stand side by side even in the future. In addition, Quoc Cuong Gia Lai is holding many good land funds, with liquidity, feasible for implementation in the near future. There is no pressure to pay large debts in the short term, which is a good sign" - Mr. Cuong informed.

Mr. Nguyen Quoc Cuong talks with shareholders of Quoc Cuong Gia Lai

The congress approved the proposals, including the dismissal of Ms. Nguyen Thi Nhu Loan. The congress also approved the 2024 revenue plan of VND 1,300 billion and after-tax profit of VND 100 billion.

Source: https://nld.com.vn/ong-nguyen-quoc-cuong-gap-mat-co-dong-sau-khi-ba-nhu-loan-bi-khoi-to-196240730112059224.htm