On October 11th, the Government Inspectorate announced the inspection results regarding the conversion of land use purposes from production and business to land trading and construction of housing by state-owned enterprises and equitized enterprises during the 2011-2019 period. The inspection concluded that several violations were found in relation to the 23,380 sq. m land lot at 275 Nguyen Trai Street, Thanh Xuan District, Hanoi.
Following the above conclusion, Hoang Huy Financial Services Investment Joint Stock Company (the parent company of the enterprise implementing the project located on the aforementioned land lot) sent a document to HoSE to clarify some information. TCH stated that the Government Inspectorate’s Conclusion mentioned: The People’s Committee revoked 23,380 sq. m of production land from Joint Stock Company No. 1 Precision Mechanics and handed it over to Hung Viet Commercial Joint Stock Company “in the form of land allocation with land use levy to implement the housing project” .
Since its establishment, Hung Viet Commercial Joint Stock Company has been implementing the project as decided by the Hanoi People’s Committee. Hung Viet has fulfilled its obligation to pay 100% of the land use levy according to the decisions issued by state agencies regarding the project.
The implementation of the 275 Nguyen Trai project by Hung Viet has been completed. The construction process was carried out with valid construction permits and approvals from managing agencies. The buildings have been constructed and accepted by state agencies for use. Currently, 100% of customers have been granted Certificates of Land Use Rights and Ownership of Assets attached to the land and are living stably in the project.
Overview of the 275 Nguyen Trai project.
TCH also added that the transfer of 3.2 million shares of Joint Stock Company No. 1 Precision Mechanics in Hung Viet Commercial Joint Stock Company was decided by the Board of Directors of Joint Stock Company No. 1 Precision Mechanics.
Hoang Huy Financial Services Investment Joint Stock Company, as the transferee, has fully fulfilled its obligations according to the transfer agreement. Accordingly, the transfer price was based on the par value of the shares at the time of the transfer. This transaction was completed in 2011.
Regarding the fulfillment of additional financial obligations for the N01 pedestal area of the project, TCH commits to pay and immediately settle 100% of the additional financial obligations as soon as the state agency issues a decision determining the financial obligations to be paid.
Regarding the revocation of more than 3,500 sq. m (NO2 land lot) of the project, TCH stated that this land lot was allocated to Hung Viet as part of Hanoi city’s 20% land fund for building houses to sell to local officials and employees, and it falls under the approval authority of the Government. The current status of the NO2 land lot is a cleared site, and no construction has taken place since the land was allocated. Therefore, the revocation of this land lot from the project will be executed upon an official decision, and no additional financial obligations will arise for TCH.
NO2 land lot of the 275 Nguyen Trai project.
TCH stated that the company is related to the inspected entity mentioned in the Government Inspectorate’s conclusion. The enterprise group considers this to be a regular inspection by the state. TCH has always fulfilled its obligations to related parties and the state.
However, since October 11th, there has been a lot of unverified information on social media that deliberately distorts the nature of the information. Some individuals even exaggerated the scale and impact, causing confusion among shareholders and investors. TCH affirms that the company’s activities are proceeding normally, and it is fully fulfilling its financial obligations.
TCH stated that investors need to distinguish clearly and accurately that the 275 Nguyen Trai project is among the five projects in Category 3.2 – Section C, which only requires the transfer of information and documents. This project does not fall under Category 3.1 – Section C in the conclusion of the Government Inspectorate, which mandates the transfer of dossiers and documents for handling.
Therefore, the company requests investors to refer to official information from TCH and only refer to additional information from reliable and verified sources.
The TCH Group Responds to the 275 Nguyen Trai Project Mentioned in the Government Inspectorate’s Conclusion on the Change of Land Use Purpose in Several Hanoi Projects.
TCH assures that its business operations continue as usual and that it fulfills its financial obligations. The company refutes the narratives circulating on social media, stating that they are not an accurate representation of the truth.
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