Quoc Cuong Gia Lai plans to sell its subsidiary to pay off trillion-dollar debt in the case of Ms. Truong My Lan.

Quoc Cuong Gia Lai's Board of Directors will submit to shareholders for consideration and approval a plan to transfer capital contributions in subsidiaries/affiliated companies to get money to 'redeem' the project related to Ms. Truong My Lan.

32-hectare land plot in Phuoc Kien commune, Nha Be district - Photo: Q.D.

Quoc Cuong Gia Lai Joint Stock Company (QCG) has just announced a proposal to the General Meeting of Shareholders to approve a financial arrangement plan to pay off the debt of the effective court judgment in the case of Ms. Truong My Lan.

QCG said the debt arose from the contract of sale and purchase of the Bac Phuoc Kien residential area project with Sunny Island Investment Joint Stock Company. Accordingly, QCG must pay back VND2,882.8 billion to enforce the judgment.

Despite the large amount of money, according to QCG leaders, the company's projects are still unfinished, and inventory products have not been sold as expected, causing the financial situation to meet the enforcement requirements to increase financial pressure, posing a big challenge.

Therefore, to arrange finance, the Board of Directors of Quoc Cuong Gia Lai has submitted to the General Meeting of Shareholders for consideration and approval of the plan to transfer capital contributions in subsidiaries/affiliated companies. The implementation time is within 2025 and the transfer value is not lower than the investment cost.

The company also said it will hire an independent valuation unit to evaluate the basis for determining the capital contribution transfer price.

The transferee, QCG said, can be all partners and investors, including parties related to the company, with financial capacity to ensure payment, ensuring the principles of equality, voluntariness, and mutual benefit for all parties, and ensuring benefits.

Second, QCG will cooperate in investing in real estate products and projects owned by the company with capable and demanding investors, including investors who are related parties of the company.

QCG also presented to shareholders the authorization to the board of directors based on its functions, duties, and powers to perform related tasks such as deciding in detail on specific plans for each transaction arising to suit the actual situation.

How much debt has Quoc Cuong Gia Lai paid?

Previously, the financial report for the third quarter of 2025 announced that the company had paid a significant amount to Sunny Island Investment Joint Stock Company related to the above debt.

Accordingly, the outstanding debt for the Phuoc Kien project as of September 30, 2025 is VND 1,982 billion, a decrease of nearly VND 900 billion compared to VND 2,882 billion recorded at the beginning of the year.

However, along with the reduction in outstanding debt with Sunny Island, QCG's payables to other related parties increased sharply, from VND 179 billion at the beginning of the year to VND 1,197 billion after 9 months.

The sharp increase in payables was mainly due to QCG borrowing more money from relatives in the board of directors. Specifically, Ms. Lai Thi Hoang Yen - daughter of Chairman Lai The Ha - lent QCG nearly 507 billion VND. Mr. Lau Duc Duy - brother-in-law of General Director Nguyen Quoc Cuong (also known as Cuong Do La) lent 527.5 billion VND...

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BINH KHANH

Source: https://tuoitre.vn/quoc-cuong-gia-lai-tinh-ban-cong-ty-con-de-tra-no-nghin-ti-vu-ba-truong-my-lan-20251205171127069.htm