On January 7th, Mr. Nguyen Minh Hieu, acting Chairman of the People's Committee of Dien Ban town (Quang Nam province), signed a decision to cancel the results of the auction for the right to exploit mineral resources at the DB2B mine site in Dien Tho commune, Dien Ban town.

Previously, on December 25, 2024, the Chief Inspector of the Quang Nam Department of Justice issued a decision to fine Quang Da MT Joint Stock Company (461-463 Nguyen Huu Tho Street, Khue Trung Ward, Cam Le District, Da Nang City) 17 million VND for "providing false information and documents to register for and participate in the auction."

Specifically, in the application file to participate in the auction for mineral exploitation rights at the DB2B sand mine site, the 2023 financial report of Quang Da Environmental Joint Stock Company shows an increase in owner's equity of 199 billion VND.

w z5953560242306 8888e2c7d6db62ce0a473254be0cd273 25686.jpg
MT Quang Da Joint Stock Company is headquartered in Da Nang City. Photo: Ho Giap

However, the Economic Police Department (Quang Nam Provincial Police) verified that this increase in owner's equity was incorrect. The 2023 financial report showed the owner's equity contribution in cash (account 111), but in reality, the company did not have any cash.

The penalty decision also requires the cancellation of the auction results as per regulations. All costs for implementing the remedial measures will be borne by Quang Da Environmental Sanitation Joint Stock Company.

The People's Committee of Dien Ban town requested the Department of Natural Resources and Environment to coordinate with Hoa Thuan Joint-Stock Auction Company to handle the deposit paid by Quang Da Environmental Joint Stock Company when participating in the auction for the DB2B mining site. At the same time, they were instructed to urgently advise the People's Committee of Dien Ban town to submit a revised plan for the auction of mineral exploitation rights for the DB2B mining site in order to conduct a re-auction.

As reported by VietNamNet, on October 18, 2024, Hoa Thuan Joint-Stock Auction Company (the unit hired by the Department of Natural Resources and Environment of Dien Ban town to conduct the auction) held an auction for the right to exploit sand for common construction materials at the mining site coded DB2B, with an area of ​​6.04 hectares and an estimated resource of 159,000 cubic meters of sand.

Despite the starting price being just over 1.2 billion VND, after 20 hours and 200 rounds of bidding, MT Quang Da Joint Stock Company was the highest bidder, winning the auction with a total amount of over 370 billion VND.

The Quang Nam Department of Natural Resources and Environment believes that the results of the auction for mineral exploitation rights at the BD2B mine site are irregular. The bids were many times higher than the starting price and the construction material prices announced by the authorities.

Quang Nam Chairman orders further investigation into sand mine auction that went from 1.2 billion to 370 billion VND.

Quang Nam Chairman orders further investigation into sand mine auction that went from 1.2 billion to 370 billion VND.

The Chairman of the People's Committee of Quang Nam province requested a review of the procedures for auctioning mineral exploitation rights in the area and called for strict handling of collusion, manipulation, and market disruption aimed at illicit gain.
Unexpected revelation about the business that won the auction for the 1.2 billion sand mine, bidding it up to 370 billion

Unexpected revelation about the business that won the auction for the 1.2 billion sand mine, bidding it up to 370 billion

A company bidding 300 times the starting price for a sand mine in Quang Nam province boldly closed the deal and won the bid of 370 billion VND, despite having a registered capital of only 100 billion VND. The General Director is Mr. Nguyen Sy Minh Tien, born in 2000.
Sand mine auction price rises from 1.2 billion to 370 billion: Results not yet recognized, police investigate.

Sand mine auction price rises from 1.2 billion to 370 billion: Results not yet recognized, police investigate.

On the afternoon of October 19th, the Chairman of the People's Committee of Quang Nam province issued a directive to temporarily suspend the recognition of the results of the sand mine auction, which increased the price from 1.2 billion to 370 billion VND. He also instructed the Provincial Police to investigate, verify, and clarify the motives behind the unusually high bid.
Sand mine auction price soars from 1.2 billion to 370 billion VND, causing astonishment: Quang Nam province orders investigation.

Sand mine auction price soars from 1.2 billion to 370 billion VND, causing astonishment: Quang Nam province orders investigation.

The results of the sand mine auction that just took place in Quang Nam province surprised many people when the starting price was only 1.2 billion VND but the winning bid was up to 370 billion VND.