In July 2024, the Ministry of Public Security's Investigation Police Agency prosecuted and temporarily detained Ms. Nguyen Thi Nhu Loan, General Director of Quoc Cuong Gia Lai Joint Stock Company, for violating regulations on management and use of state assets, causing loss and waste.
Mr. Nguyen Quoc Cuong, also known by the nickname "Cuong Do La", has accepted the position of General Director of Quoc Cuong Gia Lai to replace his mother in running the company's operations. However, the above incident has significantly affected the price of QCG shares, causing this code to fall to the price range of 7,000 VND/share.
Quoc Cuong Gia Lai (QCG) suffered losses in the first half of the year, CEO was arrested but stock prices still hit the ceiling (Photo TL)
From October 9th to now, QCG has unexpectedly increased in price again. In the trading session of October 14th alone, 1.2 million shares were traded. By the morning session of October 15th, QCG shares had increased to VND8,540/share, the remaining buy volume at one point reached 2.3 million shares.
Thus, if calculated on average in the last 5 sessions, QCG shares have increased in price by 25.4%, the average trading volume in the sessions reached 930,000 shares, despite the fact that QCG has been listed by HoSE as ineligible for margin trading since the end of August.
Regarding business activities, in the first half of 2024, Quoc Cuong Gia Lai recorded revenue of VND 65.2 billion, down 69% over the same period. The company reported a loss of VND 16.6 billion while in the same period last year it also lost VND 13.7 billion.
Previously, the People's Court of Ho Chi Minh City issued a first-instance judgment No. 157/2024/HS-ST forcing Quoc Cuong Gia Lai Company to return the entire amount received from Island Joint Stock Company, which is VND 2,882.8 billion, to fulfill its obligations to Ms. Truong My Lan. If the full return is made, all real estate and related documents will be returned. However, on the Q2/2024 financial statements, the company's cash balance is only VND 27.5 billion.
Source: https://www.congluan.vn/lo-166-ty-dong-ceo-bi-bat-nhung-co-phieu-quoc-cuong-gia-lai-qcg-van-tang-gia-25-post316932.html
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