Cuong Do La's mother is on bail, showing strange actions, taking advantage of doing something while waiting for investigation?

In the latest announcement, Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) announced information related to Ms. Nguyen Thi Nhu Loan, former General Director of QCG.

Specifically, Ms. Nguyen Thi Nhu Loan had her preventive measures changed by the Ministry of Public Security's Investigation Police Agency on November 11, 2024. Currently, Ms. Nguyen Thi Nhu Loan is on bail while the authorities investigate the case.

"After the preventive measures were changed, Ms. Nguyen Thi Nhu Loan continued to support the investment and business activities of Quoc Cuong Gia Lai Joint Stock Company by accompanying the Board of Directors and the Board of General Directors to continue to resolve the work and projects that are still being implemented," the QCG document stated.

As a major shareholder and a person who understands the process of corporate governance and management, deeply grasps the investment projects and operations of the company, the Board of Directors and the Board of Management of QCG said they trust in the companionship and advice of Ms. Nguyen Thi Nhu Loan, and at the same time show their determination to develop stably and achieve the goals set by the General Meeting of Shareholders and investors.

Previously, on July 19, 2024, Ms. Nguyen Thi Nhu Loan was temporarily detained by the Department of Investigation Police on Corruption, Economic Crimes, and Smuggling (C03, Ministry of Public Security) for violating regulations on management and use of State assets causing loss and waste in Clause 3, Article 219 of the Penal Code. Ms. Loan was accused of violating the law in the transfer of the 39-39B Ben Van Don project.

Regarding business activities, Quoc Cuong Gia Lai's business results in the third quarter of 2024 were relatively positive with revenue and profit increasing sharply compared to the same period, the reason explained by the company was due to improved apartment handover activities to customers. Specifically, QCG recorded more than 178 billion VND in net revenue and nearly 26 billion VND in net profit, nearly 3 times higher than in the third quarter of 2023. However, due to heavy losses in the first 2 quarters of the year, Quoc Cuong Gia Lai still had a profit of nearly 11 billion VND accumulated in 9 months.

In relation, the State Securities Commission has just issued an official dispatch regarding the 2023 financial statements of Quoc Cuong Gia Lai audited by DFK Vietnam Auditing Company Limited. Accordingly, the audit records show that the auditors have not fully performed the audit procedures and have not collected sufficient appropriate audit evidence to provide an audit opinion as required by auditing standards. Therefore, the State Securities Commission will suspend the auditors from signing the Audit Report of the 2023 Financial Statements of Quoc Cuong Gia Lai.

Previously, Mr. Nguyen Quoc Cuong ('Cuong Dollar') was officially appointed as the legal representative of Quoc Cuong Gia Lai Joint Stock Company, after his mother was arrested. The company's leaders also said that the company is operating normally. Business activities and transactions with partners are still being carried out. At the same time, "commit to making maximum efforts to stabilize all business activities, ensuring the rights and legitimate interests of customers, shareholders, partners...".

In terms of structure, according to the governance report published in early 2024, Ms. Nhu Loan's family holds a large number of shares in Quoc Cuong Gia Lai, with an ownership ratio of approximately 60%.

Of which, the three people with the highest percentages are: Nguyen Thi Nhu Loan (37%, nearly 102 million shares), Nguyen Ngoc Huyen My (daughter, 14.3%, nearly 39.4 million shares) and Nguyen Thi Anh Nguyet (younger sister, 3.5%, nearly 9.7 million shares).

Mr. Cuong alone owns 0.2% (537,500 shares), his wife Dam Thu Trang does not own any shares of this enterprise. In addition, Ms. Loan's son-in-law, siblings and brother-in-law also own a total of about 5.1% of shares (14.1 million shares).

On the stock market, from the time the news of Ms. Loan's arrest was announced (July 19) until the last session of this week, QCG code has hit the floor for six sessions, currently standing at 6,330 VND/share.

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