Gem Sky World project investor fined 900 million for illegal capital mobilization

On the afternoon of October 3, information from the People's Committee of Dong Nai province, the locality issued Decision No. 2276/QD-XPHC to sanction administrative violations in the field of construction against Ha An Real Estate Investment and Trading Joint Stock Company - Investor of Gem Sky World project (in Long Duc commune, Long Thanh district).

According to the decision, Ha An Real Estate Investment and Trading Joint Stock Company, with Mr. Nguyen Chi Nghiem as General Director and legal representative, was fined 900 million VND for mobilizing capital in violation of regulations for the Gem Sky World project according to the 92.2 ha planning in Long Duc commune.

Dong Nai Provincial People's Committee fined Gem Sky World project 900 million VND and requested to return mobilized capital.

In addition to administrative sanctions, the People's Committee of Dong Nai province requires that within 360 days from receiving the decision, Ha An Real Estate Investment and Trading Joint Stock Company must return the capital mobilized in violation of regulations.

At the same time, Ha An Real Estate Investment and Trading Joint Stock Company must report in writing the implementation of the above remedial measures every 90 days to the Department of Construction for monitoring and supervision.

In case the 360-day deadline expires, if Ha An Real Estate Investment and Trading Joint Stock Company fails to return the improperly mobilized capital, it will be forced to apply remedial measures according to regulations.

Gem Sky World project with an area of 92 hectares, originating from rubber land used by Dong Nai Rubber Corporation Limited Company, was recovered by Dong Nai Provincial People's Committee and assigned to the Provincial Land Fund Development Center to carry out auction procedures.
The land was auctioned in 2019 with a starting price of nearly VND 1,646 billion. As a result, Ha An Real Estate Investment and Trading Joint Stock Company won the auction with the amount of VND 3,060 billion.
According to the plan, Gem Sky World project has 4,026 plots of land, including 3,784 plots of townhouses, the rest are villas.

Luong Y

Source