The People’s Committee of Dong Nai Province has instructed the heads of relevant departments, agencies, and units to thoroughly review and address the findings of the Government Inspectorate’s conclusion. They are to develop a comprehensive plan to rectify any identified shortcomings and violations.
This includes conducting accountability checks and taking appropriate disciplinary actions against involved collectives, units, and individuals, as per the regulations. Any identified criminal offenses during the implementation process must be reported to the provincial People’s Committee for further investigation and handling by the competent authorities.
The Department of Finance is tasked with collaborating with the Department of Agriculture and Environment, as well as the provincial Tax Department, to establish land price tables and recalculate specific land prices for the Tan Van Islet project. This ensures accurate land use fee and land rent collection, preventing any loss to the state budget.
Additionally, the Department of Finance will work with the Department of Construction and related units to inspect and supervise the project’s progress, adhering to investment laws.
The Department of Construction is responsible for reviewing and advising the provincial People’s Committee on handling violations at the Tan Van Islet project. This includes addressing issues related to the establishment, appraisal, and approval of the 1/500 detailed planning adjustments, as well as the developer’s sale of future homes without meeting the required conditions.
The provincial Tax Department must investigate and handle the case of Tin Nghia Corporation (UPCoM: TID) for failing to declare and pay VAT on VND 535 billion earned from transferring land use rights and project development rights, in accordance with the law.
The People’s Committee of Dong Nai Province will report to the Provincial Party Committee’s Standing Board to direct the inspection and clarification of responsibilities, as well as handle violations by organizations and individuals (under the management of the Provincial Party Committee) related to the Tan Van Islet project.
They will also address the Government Inspectorate’s recommendations regarding TID‘s violations in transferring and contributing capital with leased land use rights and project development rights, as well as the violation in determining the starting price when divesting state capital from Tin Nghia – A Chau in 2025.
Heads of relevant departments, agencies, and units are to focus on the assigned tasks and report their implementation results to the Provincial Inspectorate before November 30, 2025. The Provincial Inspectorate will then consolidate these reports and submit them to the Government Inspectorate before December 25, 2025.
Regarding the violations at the Tan Van Islet project, the People’s Committee of Dong Nai Province has summarized the inspection conclusions, stating that TID was involved in improper financial regulations, VAT non-declaration, project transfer violations, and illegal divestment.
The developer, Tin Nghia – A Chau, failed to allocate 20% of the housing fund as required and violated regulations on real estate business conditions.
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Summary of Violations by Organizations at the Tan Van Islet Project
Source: People’s Committee of Dong Nai Province
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Prior to the announcement of the Government Inspectorate’s conclusion, the Board of Directors of Saigon Thuong Tin Real Estate JSC (TTC Land, HOSE: SCR) approved the acquisition of over 27.5 million shares of Tin Nghia – A Chau from existing shareholders. The transaction is expected to take place between Q4/2025 and Q1/2026, with a total value not exceeding 10% of the most recently audited annual or reviewed semi-annual total assets.
TTC Land aims to acquire over 27.5 million shares in the Tan Van Islet project
– 13:54 25/11/2025
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