On November 10, the Phu Yen High-Tech Agricultural Zone Management Board announced that it had decided to terminate the Fam - Phu Yen High-Tech Agricultural Investment Project of FLC Biscom Agricultural Company Limited and revoke the previously granted investment registration certificate.
According to the Phu Yen High-Tech Agriculture Management Board, the reason for the termination of this enterprise's operations is that the investor is unable to overcome the conditions for suspension of operations, based on Point a, Clause 2, Article 48 of the Investment Law.
Fam - Phu Yen High-Tech Agriculture Project includes: organizing cultivation, production of vegetables and fruits... meeting clean standards, safe quality; preserving, pre-processing, processing agricultural products using new and advanced technology. The project scale is 93.99 hectares with a total investment of nearly 334 billion VND.
After being granted the investment registration certificate, the investor signed a contract with a cadastral surveying consultancy unit, in coordination with the Phu Hoa District Land Fund Development Center to carry out compensation and site clearance work. The compensation, support and resettlement plan for phase 1 covers an area of 26.65 hectares.
After that, FLC Biscom Agricultural Company Limited proposed to adjust the project in the direction of reducing the scale of the project implementation area and total investment.
The Phu Yen provincial authorities have assessed and requested the investor to provide additional documents proving its financial capacity. However, FLC Biscom Agriculture Company Limited has not provided the financial statements of the last 2 years of the enterprise and the bank's commitment to provide finance, but only submitted the financial statements of the company owner (FLC Homes Real Estate Development and Investment Joint Stock Company).
After issuing the decision to terminate the investment project, Phu Hoa District Land Fund Development Center shall prepare a settlement file for the part of the funds paid for compensation, support and resettlement to clear the site of the above project from the investor's advance payment for the project; the remaining unpaid funds will be refunded to the investor after the settlement is completed.
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