On August 12, the Quang Nam People’s Committee Office announced that the provincial People’s Committee had sent a document to STO Agricultural, Rural Investment Consulting and Sports Tourism Services Joint Stock Company (referred to as STO Company) regarding the company’s request for an extension on their low-income housing project.
According to the Quang Nam People’s Committee, STO Company previously submitted a proposal requesting an extension on the progress and continued investment in the construction of a low-income housing area in the Dien Nam – Dien Ngoc Industrial Park.
Quang Nam authorities reject STO Company’s request for an extension on their low-income housing project.
The leaders of the Quang Nam People’s Committee stated that the low-income housing project in the Dien Nam – Dien Ngoc Industrial Park, with STO Company as the investor, has undergone a comprehensive inspection by the provincial Inspectorate, which has issued an inspection conclusion.
The Inspectorate has transferred the entire case file related to violations with signs of deliberate violation of regulations and fraud involving Mr. Tran Chien Thang, former Chairman of STO Company’s Board of Directors, to the provincial Public Security Investigation Agency for further investigation and clarification.
“At present, the case is still under investigation and the provincial Public Security Investigation Agency has not yet issued an investigation conclusion. Therefore, STO Company’s request for an extension on the progress and continued investment in the construction of the low-income housing project in Dien Nam – Dien Ngoc Industrial Park is unfounded and cannot be considered or resolved,” said the Quang Nam People’s Committee in their response to STO Company.
The low-income housing project in Quang Nam remains unfinished.
As reported by VTC News, in 2009, the Quang Nam People’s Committee decided to grant an investment certificate for the low-income housing project in the Dien Nam – Dien Ngoc Industrial Park, Dien Ban Town. The project, covering an area of 12.64 hectares, was to be developed by STO Company.
However, over the past decade, progress on the project has been extremely slow. This delay has caused hundreds of customers who purchased land plots in the project to be unable to receive land use rights certificates as promised by the investor. While site clearance, electricity, drainage, and greenery have been completed, the apartment blocks remain unfinished as of now.
Due to these issues, the Quang Nam provincial Inspectorate decided to conduct a comprehensive inspection of the project.
According to the Inspectorate, STO Company committed multiple violations, including irregularities in project transfer and capital contribution agreements that did not comply with regulations. Additionally, the investor entered into contracts with multiple units for construction, which led to disputes and legal proceedings. As a result, the Inspectorate proposed the involvement of investigative agencies.
