Nguyen Thi Nhu Loan returns as Quoc Cuong Gia Lai CEO

After completing her sentence related to the 'golden land' case in Ben Van Don, Nguyen Thi Nhu Loan has returned as General Director of Quoc Cuong Gia Lai, replacing her son.

Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) announced on 12/10 a change in the position of General Director and legal representative from Nguyen Quoc Cuong to Nguyen Thi Nhu Loan.

The decision was announced shortly after the High People's Court of Appeal in Ho Chi Minh City reduced Ms. Loan's sentence from 18 months in prison (suspended) to 11 months and 18 days of non-custodial rehabilitation. After deducting the period of pre-trial detention, she had completed her sentence in the case involving the 6,000 square meter 'golden land' plot at 39-39B Ben Van Don, which was illegally transferred to private ownership.

Previously, Ms. Loan served as Chairwoman of the Board of Directors and General Director of Quoc Cuong Gia Lai. The chairwoman position was transferred to Lai The Ha in mid-2022, while she remained General Director until her arrest in mid-7/2024. Nguyen Quoc Cuong, her son, subsequently took over.

Quoc Cuong Gia Lai was established in 1994, originally specializing in providing sawn timber and exported wood products. The company later expanded into real estate, rubber, and hydropower.

According to the annual report published in 4, Ms. Loan holds nearly 102 million shares, equivalent to 37,05% of Quoc Cuong Gia Lai's capital. This stake grants her veto power over important decisions made by the general meeting of shareholders.

In the first half of this year, Quoc Cuong Gia Lai generated 80 billion dong in revenue, only one-third of the same period. This result falls far short of the 2,403 billion dong target approved at the mid-year annual meeting. However, thanks to extraordinary income from liquidation and the sale of a hydropower plant, the company reported an after-tax profit of over 181 billion dong, 18 times higher than the first half of last year.