Sand mine case worth 1.4 billion VND, auctioned up to 370 billion VND: Insiders talk about 20 hours of tension

Prices keep jumping at the auction in Dien Ban - Photo: PHUC TRUONG

This "unimaginably" high sand auction result is causing a stir in the construction and mineral business community and people in Quang Nam and Da Nang.

20 hours of "peak hunting" between businesses

Speaking to a Tuoi Tre Online reporter at noon on October 19, a person in charge of supporting the auction said it took more than 20 hours for the task force to sign the closing documents.

The reason is that every time the price is increased, other businesses offer higher prices.

Initially, the auction attracted over 20 businesses. From 7am on October 18, the hall of Dien Ban Town People's Committee was full of representatives. At 8am, the auction began.

According to the starting price, the sand mine in Dien Tho commune was proposed to cost 1.4 billion VND for mining rights. However, not long after that, the price continuously jumped, far exceeding the initial price.

No one present thought the auction would end later than 12 noon, let alone close at 4am the next morning.

Authorities worked through the night to serve the auction - Photo: PHUC TRUONG

After 12 noon on October 18, some representatives of the units present agreed to leave. However, there were still six businesses in Quang Nam and Da Nang staying. The price continued to reach new peaks.

The situation showed no signs of ending even though a new day had passed. At around 1am on October 19, two businesses were still "waiting for the top", comparing prices with each other. Every time one business raised its price, the other business proposed a higher price.

"The participants felt frustrated and even angry. Some people who had no duties went to sleep. Ms. Chau - Vice Chairman of Dien Ban Town People's Committee, leaders of the Department of Natural Resources and Environment, the auction organizer, the police and some other people still had to stay and could not stop the auction.

It was not until the clock struck 4:08 that the auction ended. The documents were signed on the spot with the highest result recorded at 370 billion VND for the right to exploit the sand mine belonging to MT Quang Da Joint Stock Company (Khue Trung Ward, Cam Le District, Da Nang City)" - the source told Tuoi Tre Online .

Take a 10 minute break to drink water and eat bread.

Regarding how the authorities will eat and rest during the 20-hour auction, officials present at the auction said the law stipulates that the auction cannot be paused while businesses are raising prices.

To eat and rest, everyone present was given a 10-minute break at intervals. At this time, drinks, bread, and fast food were brought in from outside. The hall was closed and strictly guarded, no one was allowed in or out.

Sand mining causes riverbank erosion in Dai Loc district, Quang Nam province - Photo: BD

"At 5:30 everyone finished work and left. No one could imagine what happened" - the source told Tuoi Tre Online .

On the morning of October 19, speaking to the press, Mr. Le Van Dung, Chairman of the People's Committee of Quang Nam province, said: "I have received this information and have directed the authorities to investigate whether this auction is in accordance with the auction law or not. If there is any violation of bidding regulations, it will be strictly handled according to the law."

On the same morning, Tuoi Tre Online reporters contacted the representative of the winning enterprise but have not received a response.

Unbelievable sand prices

As reported by Tuoi Tre Online , on the morning of October 18, Dien Ban town organized an auction for the right to exploit sand mines in Dien Tho commune. The starting price was 1.4 billion VND, but the auction lasted for 20 hours and only ended at 4:08 the next day.

Since the morning of October 19, when information about the winning bid price of 370 billion VND for sand mining rights in Dien Ban was announced, many businesses said that setting such a high price was unusual.

According to calculations, if the winning bidder does not deposit, it means that each block of sand will cost over 2 million VND, many times higher than the market price of sand (currently around 350,000 - 410,000 VND/ ^m3 ).

In recent times, many sand auctions have been closed at sky-high prices, but then the winning bidder forfeits the deposit. In the case of Dien Ban, the leader of a functional department in this town said that if the winning bidder forfeits the deposit, they will lose the 242 million VND deposit.

Source: https://tuoitre.vn/vu-mo-cat-1-4-ti-dau-gia-len-370-ti-dong-nguoi-trong-cuoc-noi-ve-20-gio-cang-thang-2024101911355783.htm