On August 19, PDR disclosed on its official fanpage that it had received inquiries from investors during its biannual investor meeting livestream regarding the Vinh Xuan Dai project (Phu Yen Province), also known as the New Urban Area of Vinh Xuan Dai or the New Urban Area of Bac Luc Khau (Zone A).
PDR clarified in a fanpage announcement that it has “no relation to the Vinh Xuan Dai project and currently has no investment plans for the area.”
 PDR’s announcement on its fanpage on 08/19/2024. Screenshot
|
What makes the Vinh Xuan Dai project so special?
According to the Phu Yen Province Construction Department, the New Urban Area of Bac Luc Khau is developed by Private Enterprise Viet Long Phu Yen with a total area of 16.9 hectares, located in Xuan Phu ward, Song Cau town, Phu Yen Province.
Several websites promote the project, including a commercial center, schools, and 466 land plots for building houses and villas… with a total investment of over VND 240 billion. The project was scheduled to be implemented from December 2016 to December 2018. However, in a recent report (July), the Construction Department stated that the project has not yet been permitted for trading.
According to the Cong an Nhan dan newspaper, on September 9, 2022, Mr. Nguyen Xuan Chau – Director of Viet Long Phu Yen Company, the investor of the New Bac Luc Khau Urban Area, was prosecuted and detained by the Investigative Police Agency of Phu Yen Province for fraudulently appropriating more than VND 41.2 billion from 59 customers who contributed capital to purchase land plots at the Oriana Residences real estate project on Le Duan Street, An Phu ward, Tuy Hoa city, of CTCP Viet Thanh, where Mr. Chau also served as General Director. Since then, customers who contributed capital to Viet Long Phu Yen Company to receive land plots in the New Bac Luc Khau Urban Area have faced the risk of losing their investment.
Vinh Xuan Dai is a seaside land project in Phu Yen.
|
Who is behind Viet Long Phu Yen?
| Mr. Chau is also the Chairman of the Board of Directors and legal representative of Viet Long Saigon. This company was established in April 2006, headquartered in District 8, Ho Chi Minh City. As of April 26, Viet Long Saigon has changed its Chairman and legal representative from Mr. Chau to Mr. Le Hoang Van. |
According to the author’s research, Viet Long Phu Yen was established in November 2015, headquartered in Dong Hoa district, Phu Yen province, with its main business being the repair and maintenance of means of transport (excluding cars, motorbikes, and other engine vehicles). With a charter capital of VND 20 billion, the enterprise’s owner is Viet Long Saigon JSC. Mr. Nguyen Xuan Chau serves as the Director and legal representative of Viet Phu Long.
In 2016, Viet Long Phu Yen increased its charter capital to VND 50 billion. In 2017, the owner of Viet Long Phu Yen changed frequently from Viet Long Saigon to Ms. Ha My Hanh (April 2017), then to Mr. Nguyen Tran Bich Khe (May 2017), and has remained unchanged since.
Since its establishment and through multiple ownership changes, Mr. Chau has maintained his position as Director and legal representative. It was only in August 2022, before his arrest, that Mr. Chau was no longer the legal representative of Viet Long Phu Yen.
According to our information, Mr. Nguyen Tran Bich Khe – the current owner, Director, and legal representative of Viet Long Phu Yen, worked at PDR from February 18, 2008, as an investment staff and was later appointed as a member of the Supervisory Board until April 16, 2021.
Source: PDR’s 2010 Annual Report
|
In addition to his roles at Viet Long Phu Yen and PDR, Mr. Khe is also the General Director of CTCP Dau tu Synergy Nha Trang. This company was formerly known as CTCP Dau tu Phat Dat Nha Trang, established in September 2015, with real estate business as its main activity. With an initial charter capital of VND 168 billion, the company’s shareholders included CTCP Phat trien Bat dong san Phat Dat (HOSE: PDR) holding 97%, CTCP Dau tu Thuong mai Dich vu T.A.M holding 2%, and Mr. Nguyen Huu Le holding 1%. The company was directed by Mr. Nguyen Van Dat, who also served as Chairman of the Board of Directors of PDR.
On June 7, 2017, PDR withdrew its capital, and the company reduced its charter capital to VND 143 billion, with two shareholders: T.A.M Company holding 99.5% and Mr. Le holding 0.5%. On February 14, 2020, the company changed its name to CTCP Dau tu Synergy Nha Trang, as it is known today, with Mr. Nguyen Dang Khoi (Singaporean nationality) as Chairman of the Board of Directors.
On December 30, 2020, Synergy Nha Trang increased its charter capital to VND 779 billion, with Ms. Nguyen Thi Minh Thu as General Director. Subsequently, on May 12, 2023, Mr. Khe replaced Ms. Thu. It is worth noting that Ms. Thu is currently the Chairman of the Board of Directors of CTCP Dau tu Thuong mai Dich vu AKYN (formerly known as CTCP Dau tu Thuong mai Dich vu T.A.M) and the daughter of the Chairman of the Board of Directors of PDR.
Mount A Company, owned by a 90s female entrepreneur, proposes a 5-star hotel next to Ho Xuan Huong
Phát Đạt Announces New “Move,” Updates Plan to Sell Over 134 Million Shares to Existing Shareholders
Phat Dat Real Estate Development Corporation (HOSE: PDR) has announced its plan to relocate its headquarters from the 8th and 9th floors of Tower B, Viettel Building, 285 Cach Mang Thang Tam, Ward 12, District 10 to the Phat Dat Office Building at 39 Pham Ngoc Thach, Vo Thi Sau Ward, District 3, Ho Chi Minh City.
Phasata Increases Profit Twice in Q1 2024
In the first quarter of 2024, Phat Dat recorded a 2.3x growth in after-tax profit year-on-year, reaching VND 52.3 billion.
