Cuong Dola's parent company evaporated 800 billion after 1 week, major creditors immediately appeared

Ms. Nguyen Thi Nhu Loan - Cuong Do's biological mother was recently arrested by the Police Department investigating c.orruption, economic and smuggling crimes (C03, Ministry of Public Security) for violating management regulations. , using State assets causing loss and waste.

Immediately after that, Quoc Cuong Gia Lai announced the change of legal representative. Specifically, Cuong Do La will be the legal representative and hold the title of general director of Quoc Cuong Gia Lai from July 22, 2023 on behalf of his mother.

Although the company affirmed that it would soon find someone to run the company and ensure normal operations of the business, it is clear that Ms. Loan's arrest has negatively affected the company's situation. It is known that as of the morning of July 25, within just 5 sessions, QCG decreased to 6,800 VND, evaporating more than 30% of the market price and the market capitalization value on the stock exchange decreased by 811.6 billion VND, to only 1,871 VND. billions dong.

The reason is because investors sell at the floor price - the lowest price of the session - to get rid of goods. Until today, demand has not yet appeared to sweep all the sell orders. Quoc Cuong Gia Lai's stock code has 6.1 million shares remaining for sale at the floor price while the matching order has only reached 38,400 shares.

In addition to Ms. Loan's noise, Quoc Cuong Gia Lai's shares also dropped in price because of the general market trend. Accordingly, the Vietnamese stock market on the morning of July 25 declined in the less positive context of global stocks. On the US market, Nasdaq Composite closed the 24/7 session down more than 3%, recording its worst trading day since 2022; The S&P 500 fell more than 2% and the Dow Jones lost more than 500 points and a series of Asian stock markets also fell deeply on the same day.

In addition to the sharp drop in stocks, Quoc Cuong Gia Lai's debts are also of concern to the public.

Accordingly, as a holder of a large number of shares, and even a creditor of Quoc Cuong Gia Lai, this person rarely appears.

Specifically, the person with the second largest number of shares in Quoc Cuong Gia Lai, just behind Ms. Loan, is Ms. Nguyen Ngoc Huyen My with 39,384,970 shares, 14.3% of QCG's charter capital.

Ms. Huyen My was born in 1983, is the wife of businessman Lau Duc Huy. Mr. Huy also holds more than 10.5 million QCG shares, equivalent to 3.83% of the company's capital. Both of them do not hold any positions at Quoc Cuong Gia Lai, nor are they on the board of directors. However, in transactions with QCG, they always appear.

Specifically, according to the consolidated financial statements of the first quarter of 2024, Quoc Cuong Gia Lai has different payables than Ms. Huyen My and Mr. Duc Huy. On March 31, QCG borrowed nearly 71 billion VND from Mr. Duy and 700 million VND from Ms. Huyen My. Previously, at the end of 2023, Mr. Huy lent VND 7 billion to QCG.

In previous years, Ms. Huyen My had lent m.oney to Quoc Cuong Gia Lai many times. Typically, in 2018, this woman lent more than 19 billion VND to Ms. Nguyen Thi Nhu Loan's business. In 2017, the debt amount was 144 billion VND. In other words, Ms. Huyen My is also a major creditor of Quoc Cuong Gia Lai.

Notably, Quoc Cuong Gia Lai currently has a debt of about 172.5 million VND with Lyn Property Joint Stock Company. This company has a General Director and legal representative, Ms. Nguyen Ngoc Huyen My. The predecessor of Lyn Property Joint Stock Company was Dai Nam Land Real Estate Joint Stock Company. This enterprise was established in March 2019 with a charter capital of 50 billion VND, then increased to 150 billion VND in March 2022 and 220 billion VND in October 2022.

The business's website says that Lyn Property is implementing a number of large projects in Ho Chi Minh City such as Central Premium Shopping Center (District 8) and projects invested by Quoc Cuong Gia Lai. For example, Lavida Plus apartment project in District 7, De Capella project in Thu Duc City, Giai Viet Residence in District 8, Central Premium in District 8.

Back to Ms. Nguyen Ngoc Huyen My, although this mysterious person rarely appears, anyone who follows Quoc Cuong Gia Lai knows that Ms. My is the daughter of Ms. Nguyen Thi Nhu Loan, Cuong Do La's younger sister. Huyen My resembles her brother in facial features and small stature. But unlike Cuong Do La, this g.irl lives a very private life, does not like branded clothes, only focuses on business.

From a young age, Huyen My attracted attention thanks to her sharp business mind. In 2015, she was in the top 10 richest 8X businessmen in Vietnam. Also that year, Huyen My ranked 153rd on the ranking of the richest people on the stock exchange.

Currently, after Ms. Nguyen Thi Nhu Loan was prosecuted and detained, Cuong Do La has returned to Quoc Cuong Gia Lai to operate as General Director. Meanwhile, Huyen My has not yet appeared or spoken. Many people believe that with her personality, Huyen My will lead the company silently with her brother without appearing.

Cuong Dola, on behalf of his biological mother, to pay off his trillion-dollar debt, suddenly mentioned Ms. Truong My Lan Minh Lợi14:52:32 31/07/2024Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai) held its annual General Meeting of Shareholders (AGM) in 2024. Cuong Dola replaced his mother to find the source of m.oney to repay debt, and at the same time mentioned Ms. Truong My Lan.