On December 4th, the Kon Tum Province’s Department of Planning and Investment announced the termination of FLC Group’s commercial, service, entertainment complex, and townhouse project.
After 3 years of construction, only a few items on the project have been built.
The project was initially approved by the Kon Tum People’s Committee in Document No. 1952 dated July 31, 2019, and Document No. 4165 dated November 5, 2020.
The termination was due to FLC Group’s decision to end the project as per Point a, Clause 1, Article 48 of the Investment Law.
According to the announcement, FLC Group is responsible for completing the project liquidation procedures and fulfilling its investor obligations as prescribed by law. The Kon Tum Province has also recalled Documents No. 1952 and No. 4165, rendering them invalid from the effective date of this announcement.
The project was strategically located in the heart of Kon Tum City, with a total investment of over VND 1,700 billion and a land area of approximately 18 hectares. The goal was to build a high-quality, integrated complex of commercial, service, entertainment facilities, and townhouses. However, after 3 years, only a handful of villas remain incomplete, surrounded by overgrown grass.
In 2022, the Government Inspectorate identified several violations and issues with the project. They pointed out that the Kon Tum Province’s decision to entrust the Land Fund Development Center with the sale of assets on land and the transfer of land use rights through auctions was incorrect and a violation.
At the time of the inspection, the FLC Group had not fulfilled its financial obligations. Additionally, despite the project being incomplete, the Kon Tum Province’s Land Registration Office advised the issuance of land use right certificates and even separated the land area to grant separate certificates to the FLC Group with a long-term duration, contrary to the Land Law provisions.
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