Tuesday,  Jan 22, 2019,04:48 (GMT+7) 0 0
HCMC cancels decision to recall prime land site in Dist. 1
The Saigon Times Daily
Wednesday,  Dec 19, 2018,14:25 (GMT+7)

HCMC cancels decision to recall prime land site in Dist. 1

The Saigon Times Daily

An aerial view of the location at 8-12 Le Duan Boulevard in HCMC’s District 1 - PHOTO: VNA

HCMC – As recommended by the Ministry of Public Security, the HCMC government on December 18 canceled its previous decision to recall some 5,000 square meters of land at 8-12 Le Duan Boulevard in District 1, a prime location in the central business district, the local media reported.

The ministry is still investigating the illegal leasing and transfer of the site, with many former and incumbent municipal officials. Land at the site is the material evidence in the case.

Under prevailing regulations, the land ownership issue could be resolved after the court issues its verdict on the case. Therefore, the city's decision to take back land at 8-12 Le Duan Boulevard was not appropriate.

According to the Government Inspectorate, in 2010, the city approved the establishment of Lavenue, to which HCMC Housing Development and Trading Co., Ltd. contributed half the charter capital, while each of the four companies under the Ministry of Industry and Trade was permitted to hold a 12.5% stake.

The four State-owned companies, however, transferred their stakes in the project to Kido Investment Company Limited, a private business based in the city, to make a profit of VND200 billion.

In June 2011, Lavenue was allowed to use the site to develop a high-end mixed-use property development project for a period of 50 years.

According to the Government Inspectorate’s conclusion report in 2016, the city government should have auctioned the land use rights and assets at the site and assessed investors for their financial capacity to execute the project.

The overall responsibility rests with the Standing Board of the HCMC People's Committee during the 2011-2015 tenure, and direct responsibility lies with Nguyen Thanh Tai, the then vice chairman of the HCMC People’s Committee, the Government Inspectorate said.

In addition, the city’s departments of planning and investment, natural resources and environment, finance. and planning and architecture, as well as the HCMC Housing Development and Trading JSC and the four companies under the industry and trade ministry should also be held liable.

Investigators with the Ministry of Public Security have so far prosecuted four people: former HCMC vice chairperson Nguyen Thanh Tai; Secretary of the District 2 Party Committee Nguyen Hoai Nam; Dao anh Kiet, former director of the HCMC Department of Natural Resources and Environment; and Truong Van Ut, ex-deputy head of the Land Management Division at the department.

On December 10, the city issued a decision taking back the 5,000-square-meter site from Lavenue to put it up for auction, as proposed by the Government Inspectorate.

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