The business has released the financial report for the period from January 1 to June 30 this year, which showed that it had VND65 billion in revenue, a sharp fall from the VND210 billion of the same period last year. Of this, VND37 billion came from hydropower and VND19 billion from rubber trading. Real estate, the core business field, just brought VND8.6 billion.

After deducting the cost price, its gross profit in the first half of the year was just VND70 million. Meanwhile, the figure was VND22 billion the same period last year.

As such, Quoc Cuong Gia Lai incurred post-tax profit of VND16.6 billion. The company, under the management of Tran Quoc Cuong, took a loss of VND13.6 billion the same period last year.

Of the VND4.15 trillion of short-term liabilities incurred by Quoc Cuong Gia Lai, VND2,882.8 billion is the amount of money which needs to be paid to Sunny Island, which paid a deposit for the transfer of the Bac Phuoc Kien residential quarter project in Nha Be district, HCM City, a part of the Van Thinh Phat Group’s ecosystem.

According to the first instance judgment of the HCM City People’s Court issued on April 11, Quoc Cuong Gia Lai must return VND2,882.8 billion it received from Sunny Island to fulfill the obligations to Truong My Lan. If the company returns the full amount, it will receive all real estate and related documents.

Truong My Lan is the mastermind of the serious economic case 'Van Thinh Phat', defrauding and appropriating more than VND1 quadrillion.

On April 23, Quoc Cuong Gia Lai lodged a petition to the HCMC People’s Court, asking for approval for the company to pay VND1,441.1 billion only.

At the annual shareholders’ meeting held in late July, Nguyen Quoc Cuong, CEO of Quoc Cuong Gia Lai, said in order to take back the Bac Phuoc Kien residential quarter project, the business is willing to make a divestment and sell hydropower projects.

As the company is experiencing tough days, the incomes of Quoc Cuong  GiaLai’s managers are modest.

In H1, Nguyen Thi Nhu Loan, who is now under detention to serve the investigation on violations in using the 39-39B Ben Van Don land plot in district 4, HCM City, and Lai The Ha, president and deputy CEO, had the income of VND66 million each, or VND11 million a month. 

Having low income, Quo Cuong Gia Lai’s leaders are lending money to the company to maintain its operation. As of June 30, the business’ accounts payable to Nguyen Thi Nhu Loan had reached VND2 billion, and to Nguyen Ngoc Huyen My (Loan’s daughter) VND700 million. 

Manh Ha