Quoc Cuong Gia Lai JSC has announced the appointment of Nguyen Quoc Cuong, also known as Cuong 'Dollar,' as its new CEO, replacing Nguyen Thi Nhu Loan. The decision comes after the dismissal of Nguyen Thi Nhu Loan from the Board of Directors.

On July 23, Quoc Cuong Gia Lai Joint Stock Company revealed updates to the agenda for its 2024 Annual General Meeting of Shareholders (AGM) and confirmed a change in the company’s legal representative.

The AGM, now rescheduled to July 30, will address the dismissal of Nguyen Thi Nhu Loan and the appointment of Nguyen Quoc Cuong as a board member for the 2022-2027 term. In addition, Nguyen Quoc Cuong has been officially named the company’s CEO.

Nguyen Quoc Cuong, who is the son of Nguyen Thi Nhu Loan, currently holds a 0.2% stake in Quoc Cuong Gia Lai. Before founding his own company in 2018, Cuong served as a board member, Deputy CEO, and information disclosure officer at Quoc Cuong Gia Lai.

The previous AGM scheduled for June 30 was postponed due to insufficient attendance, with only 44 shareholders representing 18.3% of the total voting shares present. Notably absent were Nguyen Thi Nhu Loan, who owns 37.05% of shares, and her daughter Nguyen Ngoc Huyen My, who owns 14.3% of shares.

Regarding Nguyen Thi Nhu Loan’s legal situation, Quoc Cuong Gia Lai confirmed on July 22 that she has been prosecuted and temporarily detained. The case involves land at 39-39B Ben Van Don, District 4, Ho Chi Minh City, which the company acquired from two private firms and transferred to a partner in 2014.

The company emphasized that despite the ongoing investigation, business operations and transactions are continuing as usual. Nguyen Thi Nhu Loan is cooperating with authorities to resolve the matter.

The expanded investigation into this case, related to the Vietnam Rubber Industry Group and land management issues, has resulted in the prosecution and detention of 17 individuals thus far.

Anh Phuong