Cuong Do La's parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan

KengApr 14, 2024 at 09:53

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On April 11, the Trial Panel (Jury) of the case that occurred at Van Thinh Phat Group Joint Stock Company announced the verdict, with a decision on penalties and civil liability of the defendants and interested parties. related obligations.

Accordingly, the jury f.orced Quoc Cuong Gia Lai Company (QCG) to refund the entire amount of m.oney it received from Ms. Truong My Lan, 2,882 billion VND, to ensure judgment e.xecution for the defendant in the entire case.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 1

At the same time, continue to distrain 16 real estate with a total area of about 1 hectare in Phuoc Kien commune, Nha Be district, assigning the Ministry of Public Security to continue investigating to resolve phase 2 of the case.

The amount of more than 2,882 billion VND and 16 real estate properties distrained in this case are directly related to the Bac Phuoc Kien Residential Area project (Phuoc Kien commune, Nha Be district, Ho Chi Minh City). This project has a scale of nearly 92 hectares, invested by Quoc Cuong Gia Lai.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 2

It is known that in March 2017, although site clearance had not yet been completed, Quoc Cuong Gia Lai signed a "promise to buy and sell contract" for the project with Sunny Island Investment Joint Stock Company - an enterprise belonging to the Van Thinh ecosystem. Phat. The project transfer value is 4,800 billion VND.

According to the agreement, no later than September 10, 2017, Sunny Island must pay this entire amount to Quoc Cuong Gia Lai. In return, Sunny Island keeps the land documents for the total area of 65 hectares of the project for which the investor has completed compensation. When due, Sunny Island paid Quoc Cuong Gia Lai 2,882 billion VND.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 3

Thinking that Sunny Island violated its payment obligations, in March 2018, Quoc Cuong Gia Lai announced the termination of the contract and requested to return the land records, but Sunny Island did not respond. In December 2020, Quoc Cuong Gia Lai sued Sunny Island at the Vietnam International Arbitration Center (VIAC).

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 4

While QCG was waiting for VIAC to adjudicate, Sunny Island sent a complaint to Ho Chi Minh City Police about Quoc Cuong Gia Lai selling the project without completing compensation. However, in the process of resolving Sunny Island's request, the Ho Chi Minh City People's Court was informed by the Ministry of Public Security that the entire 65-hectare compensation file of the Bac Phuoc Kien Residential Area project was evidence of the case. at Van Thinh Phat Group.

Having to repay more than 2,882 billion VND will be equivalent to about 28% of QCG's total assets.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 5

As of December 31, 2023, Quoc Cuong Gia Lai's total assets reached nearly 9,600 billion VND, of which the majority is inventory with a closing balance of more than 7,000 billion (accounting for nearly 75%). Notably, this business only has a mere 28 billion VND in cash left. In addition, Quoc Cuong Gia Lai also borrowed more than 4,500 billion VND in financial debt, accounting for nearly half of its total capital, mainly short-term debt.

Regarding the business situation in 2023, Quoc Cuong Gia Lai recorded 432 billion VND, down 66% compared to the same period in 2022. Profit after tax was only 3.2 billion VND, equivalent to 1/10 of the results achieved this year. before. Net cash flow from business activities in 2023 is negative by nearly 33 billion VND while in 2022 is also negative by more than 121 billion VND.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 6

Despite receiving unfavorable news, QCG shares still rose to the ceiling on April 12 to 14,400 VND/share, the highest within 7 months since mid-September 2023. In the past 2 months alone, this stock has increased more than 70% in market price. Market capitalization also climbed to approximately VND 4,000 billion.

Previously, Ms. Nhu Loan - General Director of Quoc Cuong Gia Lai Joint Stock Company also caused a stir when she accused Ms. P.'s group (residing in Nguyen An Ninh ward, Vung Tau city, Ba Ria - Vung Tau province) of cheating. island to appropriate property.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 7

Ms. Loan said she had transferred more than 130 billion VND to Ms. .) to receive the transfer of 125 hectares of land in Kim Dinh ward and Long Huong ward (Ba Ria city), and has received 4 land use rights certificates from these two people, but has not yet completed the transfer procedures. To date, the contract agreement has not been implemented.

Cuong Do Las parent company still has 28 billion in cash and must pay 2,882 billion to Truong My Lan - Photo 8

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