The decision to initiate the case by Cà Mau province’s police related to the transfer of the right to use a land plot of over 13,560m2 by Cà Mau Real Estate Investment Corporation (Cà Mau Real Estate Company) to Thiên Tân Limited Liability Company. Currently, the investigative agency is gathering further evidence to prosecute individuals involved in the case.
Prior to this, several retired officials in Cà Mau province reported to the Government Inspectorate regarding Thiên Tân LLC’s receipt of the “golden land” transfer from Cà Mau Real Estate Company without going through an auction, which indicated a violation of relevant regulations.
The land plot, covering an area of over 13,500m2, was transferred from Cà Mau Real Estate Company to Thiên Tân LLC without going through an auction, with a price difference of over 11 billion VND.
Following the incident, the Government Inspectorate verified and concluded that during the implementation of the Thạnh Phú residential area project in 2016, Thiên Tân LLC (the project’s investor) received a transfer of over 13,560m2 of land from Cà Mau Real Estate Company.
At the time of the transfer, Cà Mau Real Estate Company did not request the opinion of the state capital owner, which violated the provisions stated in Decree 99/2012/ND-CP.
Moreover, the transfer did not determine the value of the land plot at the time of the transfer and did not organize an auction, which violated the Financial Management Regulations of Cà Mau Real Estate Company’s Board of Directors.
The government inspectorate also pointed out that the land plot was sold for over 15.5 billion VND, compared to the price calculated based on the coefficient issued by Cà Mau province’s People’s Committee, which was approximately 11 billion VND lower. This led to the loss of state capital and assets.
The Thạnh Phú residential area, located in Bà Điều hamlet, Lý Văn Lâm commune, Cà Mau city, was approved for detailed planning by Cà Mau province’s People’s Committee in 2004. Covering an area of nearly 11 hectares, the project was initially invested by Triệu Hiển Construction Company Limited. In 2008, the project was handed over to Thiên Tân LLC for further implementation until now.
