Quoc Cuong Gia Lai pays 1,100 billion VND to Van Thinh Phat, where does the money come from?

(Dan Tri) - Quoc Cuong Gia Lai paid 900 billion VND on September 30 and continued to pay 200 billion VND on October 24. On the contrary, the company increased its debt by more than 1,000 billion VND to the general director's brother-in-law and the daughter of the company's chairman.

Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) announced on October 24 that it had paid another VND200 billion to the Ho Chi Minh City Civil Judgment Enforcement Department, related to the debt payable to Sunny Island Investment Company (related to Van Thinh Phat).

On September 30, the company also paid VND900 billion to the above partner. In total, this enterprise paid VND1,100 billion to the above partner, reducing the debt to nearly VND1,783 billion.

Regarding this incident, in 2017, Sunny Island Company and Quoc Cuong Gia Lai signed a contract to buy and sell the Bac Phuoc Kien project (formerly Nha Be, Ho Chi Minh City) for nearly VND 2,883 billion. The company chaired by Ms. Nguyen Thi Nhu Loan at that time used this money to pay off bank debt.

After that, a dispute arose between the two parties, and the Vietnam International Arbitration Center (VIAC) ruled that Quoc Cuong Gia Lai won the case and did not have to return the money it had received.

However, when the Truong My Lan case was prosecuted, the Ho Chi Minh City People's Court annulled the VIAC's decision and forced Quoc Cuong Gia Lai to return VND2,883 billion to regain ownership of the Phuoc Kien project. The company agreed to return the money it had received.

Other payables of Quoc Cuong Gia Lai as of September 30 (Source: Third quarter financial statements of the enterprise).

After taking the position of general director, Mr. Nguyen Quoc Cuong announced to rotate cash flow to pay off debt by divesting from hydropower projects, handling inventory, and developing the Marina Da Nang project.

According to the company's plan, the debt repayment will take place over about two years, starting in the third quarter of this year and ending in the first half of 2027. If the cash flow is stable, the company can pay earlier to regain the "vital" project.

In parallel with debt repayment, Quoc Cuong Gia Lai also increased its debt by 1,017 billion VND to related parties. As of September 30, the company borrowed nearly 507 billion VND and more than 527 billion VND from Ms. Lai Thi Hoang Yen and Mr. Lau Duc Huy, respectively. Ms. Yen is the daughter of Chairman of the Board of Directors Lai The Ha and Mr. Huy is the brother-in-law of General Director Nguyen Quoc Cuong.

In the third quarter, this enterprise had a profit after tax of more than 24 billion VND, a slight decrease compared to the same period, while revenue decreased by 42% due to a decrease in apartment handovers to customers.

Accumulated revenue in the first 9 months reached 354 billion VND, up 46%, and after-tax profit was nearly 4 times higher than the same period, reaching 34 billion VND. However, this result is still far from the yearly target.

Source: https://dantri.com.vn/kinh-doanh/quoc-cuong-gia-lai-tra-1100-ty-dong-cho-van-thinh-phat-nguon-tien-o-dau-20251103155311219.htm