The Ho Chi Minh City Police Department has just completed the investigation conclusion, proposing to prosecute the accused Nguyen Tin Trung (68 years old, former Chairman of the Board of Directors of Saigon Real Estate Corporation, abbreviated as Resco) and 7 accomplices for the crime of Violating regulations on management and use of State assets causing loss and waste.
The investigation agency determined that Resco violated the law when transferring two premises in District 11 (HCMC) because "it did not go through an auction, not in accordance with the direction of the HCMC People's Committee, leading to a loss at the time of transferring the two premises of nearly 4 billion VND.
One of the sites is located at 299/18 Ly Thuong Kiet Street and the other at 682 Hong Bang Street. During the period 2012-2016, the Ho Chi Minh City People's Committee established State ownership of these two plots of land.
Resco's headquarters is located at 41 Suong Nguyet Anh Street (District 1, Ho Chi Minh City). Resco is a 100% state-owned enterprise, established by the Ho Chi Minh City People's Committee in 1997, operating in the field of investment in construction projects, resettlement housing; social housing...
According to Dan Tri reporter's observations at Resco headquarters on January 8, all activities were still going on normally.
According to the investigation conclusion, in August 2010, the Ho Chi Minh City People's Committee approved the policy of assigning Resco to implement the project of compensation, site clearance and resettlement of Rach U Cay project. To have capital for implementation, Resco requested to change the purpose of use of 15 houses and land to offset the investment capital of the first phase of the project instead of having to pay into the budget.
In October 2011, the Ho Chi Minh City People's Committee approved Resco to continue changing the land use purpose to invest in construction according to the planning for the site at 299/18 Ly Thuong Kiet.
However, on June 28, 2013, after being handed over the premises, Resco did not invest in business exploitation but transferred the premises at 299/18 Ly Thuong Kiet to Real Estate Joint Stock Company 7 (with 20% of Resco's capital) for more than 38.2 billion VND.
According to Dan Tri reporter, the land at 299/18 Ly Thuong Kiet is a residential area.
At the land plot 682 Hong Bang, in October 2011, Resco continued to manage and use (land allocation regime with land use fee collection) for investment and business exploitation.
In January 2016, Resco transferred the premises at 682 Hong Bang to Nam Viet Real Estate Construction Joint Stock Company (with 20% of Resco's capital) for more than 22.2 billion VND.
According to records, the premises at 682 Hong Bang Street (District 11) is being rented for food and beverage business.
After Resco transferred the above two premises, the Ho Chi Minh City Land Registration Office then completed the procedures to update the Land Use Rights Certificate for Real Estate Joint Stock Company 7 and Nam Viet Real Estate.
When the documents were available, these two companies transferred two plots of land to individuals, which are no longer under State management.
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