On the afternoon of November 8, Ms. Truong My Lan's lawyer confirmed that Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai) had withdrawn its appeal and agreed to return VND2,882 billion to Sunny Island Investment Joint Stock Company (under Van Thinh Phat Group) at the appeal hearing of the first phase of the related case.
Representative of Quoc Cuong Gia Lai also confirmed this information with reporter of Nguoi Lao Dong Newspaper.
In the previous trial of the Van Thinh Phat case, Ms. Nguyen Thi Nhu Loan, representative of Quoc Cuong Gia Lai, filed an appeal against the first instance verdict of the Ho Chi Minh City People's Court regarding the ruling forcing the company to pay Ms. Truong My Lan VND 2,882 billion to remedy the consequences of the case.
Quoc Cuong Gia Lai's Bac Phuoc Kien project
Quoc Cuong Gia Lai believes that this judgment is not objective because the amount of money Sunny Island paid to the company under the "promise to buy and promise to sell" contract for the Bac Phuoc Kien Residential Area project (Nha Be district, Ho Chi Minh City).
According to Quoc Cuong Gia Lai, the company is the “right party” and does not know the origin of this money related to Ms. Truong My Lan; the court’s decision has caused serious damage to the company’s legitimate rights and interests.
Accordingly, in 2017, Sunny Island and Quoc Cuong Gia Lai signed a "promise to buy and promise to sell" investment contract with a total amount of 14,800 billion VND. Of which, Sunny Island has paid Quoc Cuong Gia Lai 2,882.8 billion VND (equivalent to 19.47% of the contract value) many times. Quoc Cuong Gia Lai has also assigned Sunny Island to keep the land use right certificate and compensation records for 65.76 hectares (about 71.72% of the project area).
In 2020, the dispute between the two parties was reviewed by the VIAC Arbitration Center, declaring the contract legally terminated due to Sunny Island's breach of payment obligations. Quoc Cuong Gia Lai was obliged to return Sunny Island 50% of the contract value (VND 1,444.1 billion). However, the decision of this commercial arbitration was annulled, and the case was decided in the Van Thinh Phat case.
In the appeal, Quoc Cuong Gia Lai requested the court to force Sunny Island to return to the company 6 land use right certificates that they were borrowing, because these assets were not mortgaged, nor did they originate from money from Saigon Commercial Joint Stock Bank (SCB).
At the recent 2024 annual shareholders' meeting, Mr. Nguyen Quoc Cuong, General Director of Quoc Cuong Gia Lai, said that in order to be able to retrieve the related "red books" at Ms. Truong My Lan's Bac Phuoc Kien project, the company must focus on many solutions to handle cash flow, sell inventory... to return VND 2,882 billion to Van Thinh Phat and soon receive back the land use right certificates with a value much larger than this amount.
Recently, Quoc Cuong Gia Lai’s QCG stock has increased sharply by 100%, from 6,700 VND to over 13,000 VND. In many sessions, this stock has hit the ceiling.
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