In a notice issued on October 21, the People’s Committee of the province revoked the land previously allocated to Delta Tourism Company according to Decision 1634/QD-UBND dated June 22, 2007. Specifically, the revoked land area is approximately 3,378 square meters, located in lot number 349, map sheet number C69-IV-D-a, Ward 1, Da Lat City (old number 23, now number 33, Phan Nhu Thach Street, Da Lat City)
Da Lat Plaza project site is located on Phan Nhu Thach Street, Ward 1, Da Lat City. Photo: BLD
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The revocation was due to Delta Tourism Company’s violation of land laws as stipulated in Clause 8, Article 81 of the 2024 Land Law (corresponding to Point i, Clause 1, Article 64 of the 2013 Land Law). The company had previously been granted extensions on their land use progress in documents dated April 12, 2019, and March 24, 2021, by the People’s Committee of the province, but they have failed to utilize the land until now.
Within 45 days from the date of this notice, Delta Tourism Company, owners of assets attached to the land, and relevant rights holders and obligors are responsible for self-organizing the handling of assets on the land. After this deadline, the provincial People’s Committee will issue a decision to revoke the land in accordance with regulations.
It is understood that this land was managed by the Da Lat Party Committee and allocated to Delta Tourism Company (which paid land use fees in 2006) for the development of the Da Lat Plaza project (a complex of hotels and commercial centers in Da Lat Plaza). The land use term was 50 years from June 22, 2007.
A document dated May 3, 2024, from the Department of Natural Resources and Environment (TN&MT) states that the Da Lat Plaza project of Delta Tourism Company, headquartered in Da Huoai district, with Mr. Ngo Chi Thong as its General Director, was granted an investment certificate by the provincial People’s Committee in March 2008. The project aimed to construct a complex of hotels and commercial centers, including basement floors, low-rise service floors (ground floor to 3rd floor), and high-rise floors (4th to 14th floors). The total investment capital at that time was VND 267 billion, and the project progress was scheduled from 2008 to 2010, with a 24-month extension granted by the provincial People’s Committee from April 12, 2019.
On March 24, 2019, the provincial People’s Committee issued a document extending the land use deadline until the end of December 2022 to compensate for the waiting period for the conclusion of the Government Inspectorate’s inspection regarding land management, usage, and investment in construction in the province, as well as objective reasons for adjusting the planning and architecture to align with the Decision of the Prime Minister.
In a document dated May 17, 2024, SCB Bank notified the provincial People’s Committee, the Department of Planning and Investment, and the Department of Industry and Trade that the Da Lat Plaza project is currently mortgaged to secure a credit facility provided to Oak Hill Joint Stock Company (Oak Hill) by SCB, with an outstanding principal amount of VND 734 billion as of April 30, 2024, according to a mortgage contract dated November 15, 2018.
In the event that the provincial authorities decide to revoke the land and terminate the project, it will result in the loss of collateral for this substantial loan, directly impacting SCB’s debt recovery ability and causing “very serious harm” to the bank’s legitimate rights and interests, according to SCB.
SCB also stated that this collateralized asset is currently on the restricted transaction and transfer list at the request of the Criminal Police Agency (Ministry of Public Security) due to its connection to the case of Truong My Lan and accomplices, which is being handled by the law enforcement authorities in accordance with legal regulations. If the province decides to revoke and terminate the project, changing the status of this asset before the related cases are thoroughly resolved, it will affect the process of resolving the case and remedying the consequences of the crime, as mentioned in the bank’s document.
Therefore, SCB requested the provincial People’s Committee to consider directing the Department of Planning and Investment and the Department of Natural Resources and Environment to temporarily halt the consideration of land revocation and project termination for the Da Lat Plaza project until a final decision is made by the competent state agency in accordance with legal regulations.
In a document dated July 3, the provincial People’s Committee assigned the Department of Planning and Investment and the Department of Natural Resources and Environment to study SCB’s proposal and consider it during the handling of violations and shortcomings in the Da Lat Plaza project.
About Delta Tourism Joint Stock Company
Thu Minh
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