The northern province of Thai Nguyen has officially withdrawn the
investment license from a 97 trillion dong (US$4.6 billion) project claimed to
be invested in by the Viet Bac SVA Real Estate Company.
On May 19, the company started
the construction of the Dan-Ho Nui Coc Project, saying that it would involve
total investment of 97 trillion dong. Nguyen Minh Son, Chair of the firm said
the project included a road linking Thai Nguyen City with Ho Nui Coc tourism
site and Road 262 connecting Doc Lim and Cong River and some urban areas.
However, just after the
ground-breaking ceremony, Hanoi Design and Consulting JS Company (DCL)
confirmed that Viet Bac SVA Real Estate Company were completely wrong to claim
they were the project investor and that they were spending 97 trillion dong on
the project.
DCL said that it was the investor
on the project, noting that the firm was implementing the first steps of the
projects from planning to the submission of compensation for site clearance.
All the papers related the project carried DCL’s name.
According to DLC, the plans for
urban areas had just been appraised by the provincial Department of
Construction, yet it had received the official approval from the local People’s
Committee, therefore, the information about the project’s total capital had not
been disclosed.
Viet Bac SVA Real Estate Company
was jointly set up by DCL and SAV Financial Group to manage the project.
However, due to lax regulations and the company’s business strategy, DCL asked
the provincial People’s Committee to grant an investment license for the
project. However, SAV could not make work with partners and banks because all
the related papers carried DCL’s name.
To ensure the project would
continue, Thai Nguyen People’s Committee revoked the license and gives it back
to DCL.
Dtinews
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programmes. Many thanks for visiting www.yourvietnamexpert.com and/or contacting us at contact@yourvietnamexpert.com
No comments:
Post a Comment