Cancellation of auction results of 370 billion VND sand mine in Quang Nam

The People's Committee of Dien Ban town (Quang Nam province) has just decided to cancel the results of the auction of mineral exploitation rights at the DB2B mine.

On January 7, the People's Committee of Dien Ban town (Quang Nam province) decided to cancel the results of the auction of mineral exploitation rights for the DB2B mine in Dien Tho commune (Dien Ban town).

DB2B mine site in Dien Tho commune, Dien Ban town, Quang Nam province.

According to the decision, the reason for canceling the auction results is to implement remedial measures according to the decision of the Inspectorate of the Quang Nam Department of Justice on administrative sanctions against MT Quang Da Joint Stock Company (461 - 463 Nguyen Huu Tho, Khue Trung Ward, Cam Le District, Da Nang City) for the act of "Providing false information and documents to register to participate in the auction".

Dien Ban Town People's Committee assigned the Town's Department of Natural Resources and Environment to coordinate with Hoa Thuan Joint Stock Auction Company to handle the deposit of Quang Da MT JSC when participating in the auction of the DB2B mine site.

At the same time, urgently advise the Town People's Committee to submit adjustments to the mineral exploitation rights auction plan for the DB2B mine to continue re-auctioning.

As reported by Giao Thong Newspaper, on October 18, 2024, Hoa Thuan Joint Stock Auction Company (a unit hired by the Department of Natural Resources and Environment of Dien Ban town to conduct the auction) organized an auction for the right to exploit minerals at the DB2B mine in Dien Tho commune.

The auction ends at 4:10 a.m. on October 19, 2024 after 200 rounds.

The winning bidder was MT Quang Da Joint Stock Company with a winning bid of 1,534.6%R, or more than 370 billion VND for the estimated sand reserves of 159,000m3, an increase of more than 369 billion VND compared to the starting price.

After the unusual price increase of this auction, the authorities of Quang Nam province have stepped in to verify and handle the case.

At the end of 2024, the Inspectorate of the Department of Justice of Quang Nam province issued a decision to fine MT Quang Da Joint Stock Company 17 million VND for the act of "Providing false information and documents to register for auction participation and participate in the auction".

According to the penalty decision, Quang Da MT JSC submitted a request to participate in the auction of mineral exploitation rights for the DB2B sand mine. In the request to participate in the auction, the company's 2023 financial report shows that the owner's equity has increased by VND 199 billion.

However, through the investigation and verification results of the Economic Police Department (Quang Nam Provincial Police), this increase in equity capital is incorrect.

Source: https://www.baogiaothong.vn/huy-ket-qua-dau-gia-mo-cat-370-ty-dong-o-quang-nam-192250107143538816.htm