Nguyen Quoc Cuong, better known as Cuong ‘Dollar,' has been named the new CEO of Quoc Cuong Gia Lai JSC, replacing his mother, Nguyen Thi Nhu Loan, who was arrested last weekend.

Cuong, 42, is also the legal representative of the company from Monday this week.

The firm announced that it would organize its second shareholders’ meeting in Ho Chi Minh City on Tuesday next week to seek approval for the dismissal of Loan and the appointment of Cuong as a member of the board of directors for the 2022-27 term.

Cuong previously became deputy CEO of Quoc Cuong Gia Lai in 2006 and a board member in 2008. He held these posts until June 2018.

He later established his own firm called C-Holdings, which do business in real estate in Binh Duong Province, a neighbor of Ho Chi Minh City.

As of late 2023, Cuong held 537,500 shares at Quoc Cuong Gia Lai, while his mother had nearly 102 million shares, equivalent to a 37-percent stake, and Nguyen Ngoc Huyen My, Loan’s daughter, owned nearly 39.4 million shares, or a 14.3-percent holding.

Vietnam's Ministry of Public Security announced on Friday last week the indictment and temporary detention of Nguyen Thi Nhu Loan for her alleged violation of regulations on the management and use of state assets, causing losses and waste.

She was apprehended in a case involving state-owned Vietnam Rubber Group, Ba Ria Rubber JSC, Dong Nai Rubber Corporation, the Ministry of Natural Resources and Environment, and other relevant entities.

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