Doan Nguyen Duc, or Boss Duc

Boss Duc’s assets increase by VND1.6 trillion

HAG shares of Hoang Anh Gia Lai began soaring in price in early November and the price doubled. As the biggest shareholder, with 34.5 percent of capital, or 320 million shares, the stock assets of Doan Nguyen Duc have increased by VND1.6 trillion since late October.

HAG regained the peak it lost in March 2017. The upward trend has been triggered by good news about the company’s business performance (making a profit over the last two quarters). Pork prices have recovered after a long period of decline.

Duc said at a recent shareholders’ meeting that pig farming costs at HoangAnhGiaLai are low. The company has advantages in barns and it uses its bananas to feed pigs.

Quoc Cuong Gia Lai faces serious difficulties

HCM City Police released a conclusion about additional investigations, stating that personal responsibility is not considered in the case of receiving transfer of two land projects of Phuoc Kien and Ven Song residential quarters at low prices from the Tan Thuan Investment and Construction Co Ltd (100 percent owned by HCM City Party Committee Office), which caused a loss of VND250 billion to the State.

Nguyen Thi Nhu Loan, General Director of QCG, represented the company to negotiate and sign the contract with Tan Thuan. However, she will not have to bear personal personality in the case.

As of June 30, 2021, QCG had owed VND97 billion to Loan. The company also borrowed money from other individuals on the board of directors, including Nhu Loan (VND25 billion), Lai The Ha, who is now President (VND7 billion), Nguyen Ngoc Huyen My (VND13 billion) and Lai Thi Hoang Yen (VND62 billion)..

In early July 2021, QCG dissolved two subsidiaries – Quoc Cuong Thuan An and Quoc Cuong Phuoc Kien. The financial report showed that QCG held 80 percent of Quoc Cuong Phuoc Kien shares (its charter capital was VND6 billion) and 31 percent of Quoc Cuong Thuan An (VND355 billion).

PNJ Chair wants to sell 5 million shares

PNJ Chair Cao Thi Ngoc Dung

PNJ Chair Cao Thi Ngoc Dung has registered to sell 5 million shares, from December 14 to January 12, 2022.

Dung holds 11.3 million PNJ shares, or 5 percent of charter capital. If the transaction wraps up, Dung will hold 6.3 million shares only, or 2.8 percent. If so, she will no longer be a big shareholder of PNJ. It’s estimated that Dung could collect VND486 billion based on the current PNJ price.

Cao Ngoc Duy, the younger brother of Dung, has registered to buy 4.5 million PNJ. Once the transaction is completed, he will hold 6.7 million shares instead of 2.2 million, or 2.9 percent of charter capital. He may have to spend VND437 billion on the transaction.

Father arrested, son appointed as CEO

On December 7, Da Nang Police filed charges and detained Nguyen Quang Trung, 61, CEO of Da Nang Housing Investment Development JSC, for four months to investigate the behavior of “violating the regulations on management, causing losses and waste”.

The company’s board of directors the next day approved the dismissal of Trung from the post of Deputy Chair and CEO of the company because of health reasons. At the same time, it appointed Nguyen Quang Minh Khoa, his son, as new CEO and Vice President.

Khoa, who has a bachelor’s degree in economics, has been a member of the board of directors since July 24, 2020 and concurrently took the post of Deputy CEO on June 22, 2021.

Khoa holds 230,000 NDN shares, or 0.32 percent. In early December, he registered to buy 300,000 more shares from December 6 to January 4, 2022 to raise the ownership ratio to 0.74 percent.

Director tries to kill himself in courtroom after trial decision

After the judge announced the decision, Vo Van Cuong, Director of LAND Ha Hai Co Ltd, stood up and claimed his innocence, expressed his disappointment and said the court was unfair during the trial, ignoring many important documents provided by the company.

Cuong took out a bottle of insecticide from his pocket and tried to drink it to commit suicide. His wife also tried to do the same, but their relatives successfully prevented the move.

Cuong was brought to the hospital and treated.

In August 2017, SUDICO wanted to transfer two land plots with total area of 12.04 hectares under a public auction.

LAND HaHai paid VND404 billion to SUDICO and it needed to pay VND1.4 trillion more.

But later, LAND HaHai discovered legal problems related to the two land plots and did not make payment as committed. On August 30, 2018, SUDICO announced the unilateral termination of the contract and cancelation of the transaction. 

Bao Anh

Business stories: ‘Boss Duc’ regrets decision, ‘Boss Thuy’ sets records

Doan Nguyen Duc, or Boss Duc, Chair of Hoang Anh Gia Lai Group (HAG), said he regrets the decision on giving up real estate. Nguyen Duc Thuy, or Boss Thuy, has wrapped up a lot of new deals.

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The share price increases last week helped rich businesspeople become even richer.