The Yen Thang Lake 54-hole golf course and tourism complex project has just been "named and shamed" by the Government Inspectorate , pointing out a number of limitations, shortcomings, and violations that occurred during the investment and construction process.
The project is invested by PV-Inconess Investment Joint Stock Company with a total area of about 583 hectares, divided into 3 phases, with a total investment capital of 4,615 billion VND.
PV-Inconness is the first golf course business listed on the stock exchange with the code RGC. However, in December 2023, the State Securities Commission revoked the public company status of this business. At the end of January 2024, the stock code of PV-inconess was officially deregistered.
According to Lao Dong, PV-Inconess is part of Thanh Cong Group's ecosystem.
According to information on the website of this unit, in 2018, shareholders of PV - Inconess Investment JSC approved TCG Land Company Limited - a company 100% owned by Thanh Cong Group Corporation , to receive a transfer of shares, leading to ownership of 75% of the company's capital without having to carry out public offering procedures.
In 2018, Mr. Nguyen Anh Tuan - Chairman of Thanh Cong Group, became Chairman of the Board of Directors of PV-Inconess.
According to the management report for the first 6 months of 2023, Mr. Nguyen Anh Tu - Mr. Tuan's son, is also holding the position of member of the Board of Directors at PV-Inconess (appointed since 2020).
Although only announcing business results until the end of the third quarter of 2023, the numbers show that PV-Inconess's business results are very gloomy.
By the end of September 2023, PV-Inconess (RGC) achieved revenue of more than 100 billion VND, an increase of 38%. However, cost of goods sold accounted for 94% of revenue, so in the first 9 months of 2023, RGC only earned gross profit from sales and services of more than 5 billion VND, of which revenue mainly came from golf services.
Adding losses from business operations, after tax, RGC's profit recorded a loss of VND 8.6 billion.
As of September 30, 2023, RGC's total assets were VND 1,448 billion, an increase of VND 22 billion compared to the beginning of the year. Although there was no debt, the payable debt was VND 726 billion.
PV-Inconess's losses began in 2016 when it recorded a net loss of VND13 billion. The company's peak in 2018 was a net loss of VND19 billion.
Despite being owned by the giant Thanh Cong Group, RGC's profits still struggled to climb to positive growth. It was not until the 2022 financial reporting period that RGC had a breakthrough. However, it still reported a loss of 2 billion VND.
Notably, on its website, this business once said that in the third quarter of 2023, the number of golfers increased by 4,198 over the same period because golf course No. 2 (Queen course) completed the remaining 9 holes and put into operation from April 29, 2023, causing revenue from golf services to increase by 6.2 billion VND.
The number of golfers increased along with the opening of restaurant No. 2 and 8 villas in zone 3B, so restaurant revenue increased by 1.1 billion VND; hotel revenue increased by 1.2 billion VND compared to the same period in 2022.
According to the Conclusion Notice of the Government Inspectorate dated February 7, 2024, the 54-hole Yen Thang Lake golf course project is one of the projects with limitations, shortcomings, and violations in planning work such as: Approved planning is not at the correct scale, the general planning has not been adjusted, the planning criteria are not consistent with the higher-level planning or construction standards; the project has a scale of over 5 hectares but does not have a detailed 1/500 planning, and does not arrange social housing.
The Government Inspectorate also discovered that the 54-hole Yen Thang Lake golf course project had limitations, shortcomings, and violations in determining land use fees, land rent, not determining additional land rent (adjusting detailed planning, increasing floor area), late payment of land rent, not adjusting land rent unit price after the end of the 5-year stabilization cycle, and exemption or reduction of land rent.
At the same time, this project was also found to have violated construction order; delayed in determining land rental prices and signing land lease contracts.
In August 2022, Lao Dong Newspaper reported that the People's Committee of Ninh Binh province had directed relevant units to protect the construction of the Yen Thang Lake 54-hole golf course and tourism complex project. At the same time, proactively take measures to strictly handle those who deliberately oppose and obstruct the construction.
Mr. Tran Song Tung, Vice Chairman of the Provincial People's Committee, was present at the scene to direct Tam Diep city, Yen Mo district and functional forces to organize construction protection to ensure the project's progress as planned.
This project is considered a major project, a socio-economic development strategy of Ninh Binh province in attracting investment and developing tourism.
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