Property developer Quoc Cuong Gia Lai gets new CEO

By Anh Tu July 23, 2024 | 04:00 am PT

Quoc Cuong Gia Lai's new CEO Nguyen Quoc Cuong. Photo courtesy of C-Holdings

Nguyen Quoc Cuong, 42, has been appointed the new CEO of property developer Quoc Cuong Gia Lai (QGC) in place of his mother, real estate tycoon Nguyen Thi Nhu Loan.

He is QGC's legal representative starting from Monday, the firm said in its resolution.

The firm will hold a shareholder meeting next Tuesday in HCMC to seek approval for the dismissal of Loan, the previous CEO, and the appointment of Cuong as a board member for the 2022-2027 term.

Loan, 64, was arrested last Friday on accusations of legal violations related to a property project in HCMC.

As of the end of last year, Loan owned 102 million shares of Quoc Cuong Gia Lai, equivalent to a 37% stake, while her daughter held 39.4 million shares and Cuong 537,000 shares.

Cuong has a bachelor's degree in Business Management and previously served as a board member and deputy CEO of Quoc Cuong Gia Lai until the end of 2018.

He later founded a property developer called C-Holdings, which specializes in real estate projects in Binh Duong Province that borders HCMC.