Government inspectors ‘get to the bottom’ of a 2,185-hectare mega project by a company about to be delisted

The Dongthai Lake Ecotourism Zone project with a total area of ​​2,185 hectares received an investment certificate in 2013. However, 10 years later, the project remains motionless. The government inspection agency conducts direct inspections on the implementation of inspection laws, reception of citizens, resolution of complaints and reports, prevention and fight against corruption, etc. in accordance with the decision of the Government Inspector General on inspection responsibilities; Land management and use; Ninh Binh Province Construction Plan (2011 to 2022), earth and stone mining, construction materials planning and implementation.

From 2011 to 2022, the Ninh Binh Province People’s Committee has issued investment certificates and approved investment policies for 359 projects. For these projects, the Provincial People’s Committee allocates land, collects land use fees, and leases the land at an annual fee.

Including Dong Thai Lake Eco-tourism Zone Project (located in Yen Mo District and Tam Diep City), which is invested by PV-Inconess Investment Joint Stock Company (UPCOM – RGC) with a total allocated land area of ​​2,185 hectares of leased area. The project was first approved for investment by the Ninh Binh Provincial People’s Committee in 2005.

However, during implementation, the project fell behind schedule, so in September 2010, the Ninh Binh Provincial People’s Committee issued Decision No. 834/QD-UBND on the termination of project activities.

By 2013, project investor PV-Inconess Investment Joint Stock Company continued to submit written requests to continue investing in project construction and received an investment certificate issued by the Ninh Binh Provincial People’s Committee to implement the project. However, so far, the investors have only leveled and renovated some of the sidewalks. The project implementation period has expired and the project has not been postponed.

The handling of backward projects, land allocation, land leasing and other issues must await the conclusion of the inspection team.

It is understood that the Dongtai Lake Eco-tourism Zone project invested by PV-Inconess Investment Co., Ltd. covers an area of ​​2,185 hectares and has an estimated total investment of US$369 million.

This is a project implemented in areas with difficult socioeconomic conditions, where the state takes back land and distributes it. So far, the Ninh Binh Provincial People’s Committee has allocated only 9.65 hectares of commercial and service land (with annual land rent paid), and the land lease period is 60 years. PV-Inconess has paid more than VND16.2 billion in advance for site cleanup.

PV-Inconess was formerly known as Business Support Services and Investment Consulting Joint Stock Company and was established in 2007. The company’s main business is golf course business and golf service fields; in addition, it is also engaged in real estate business; accommodation industry, garden eco-tourism services, catering services and other entertainment services…

The company started listing on UPCoM in June 2017, with a closing price of VND9,100 per share at that time, making it the only golf course company on the stock exchange.

This is a member of the Thanh Cong Group (TC Group) ecosystem. The chairman of the board of directors of PV-Inconess is Mr. Nguyen Anh Tuan, who is also the chairman of TC Group. Mr Nguyen Anh Tu (son of Mr Tuan) has also been involved in the golf course company’s board of directors since June 2020.

Recently, the Hanoi Stock Exchange (HNX) announced its decision to cancel the trading registration of 89.1 million RGC shares of PV-Inconess Investment Joint Stock Company. The trading cancellation date is January 12, 2024, which means corporate shareholders will only be able to buy and sell shares on the exchange until January 11, 2024.

According to the approval document of the State Securities Regulatory Commission on December 13, 2023, the reason for canceling the HNX transaction registration is that PV-Inconess has lost its qualification as a listed company.

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