The arbitration council accepted Novaland's lawsuit request, forcing Saigon Co.op to fully perform its obligations under the project development cooperation contract.
The arbitration council accepted Novaland's lawsuit request, forcing Saigon Co.op to fully perform its obligations under the project development cooperation contract.
No Va Real Estate Investment Group Joint Stock Company (Novaland, HoSE: NVL) has just announced that it has received the decision of the Vietnam International Arbitration Center (VIAC) on the dispute between the plaintiff Novaland and Nova An Phu Company Limited and the defendant Saigon Co.op Investment and Development Joint Stock Company (SCID).
Accordingly, the Arbitration Council has accepted the lawsuit of Novaland and Nova An Phu, forcing Saigon Co.op to fully perform the defendant's obligations under the Project Development Cooperation Contract No. 01/2016/HDHTPTDA/SCID-NVLG signed on December 30, 2016.
In case Saigon Co.op fails to fully perform the above obligations, Novaland and Nova An Phu have the right to directly carry out the necessary procedures with competent agencies and organizations, so that the State agency can issue a decision to allocate land for the cooperative land.
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| Perspective of Saigon Co.op An Phu project . |
Although Novaland did not specifically mention any project in the information announcement, previously, through its subsidiary Nova An Phu, it cooperated with SCID to develop the Saigon Co.op An Phu project (6.9 hectares). It is known that Novaland deposited more than 100 billion VND for this project since 2015.
At the 2023 Annual General Meeting of Shareholders of Saigon Co.op, the company's board of directors also shared about the above cooperation deal.
According to the minutes of the meeting, the company's leaders said that the Saigon Co.op An Phu project was initially invested by the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) in 2000.
During the investment process, to optimize, Saigon Co.op transferred the project to SCID as the investor since 2010 and only completed compensation and clearance in 2015.
In 2019, SCID was permitted by the Ho Chi Minh City People's Committee to be the project investor and within 3 years will be allocated land and pay project deposit at the Ho Chi Minh City Department of Planning and Investment.
However, by 2022, due to the prolonged impact of the pandemic and changes in some legal procedures, SCID is carrying out procedures to extend the project investor.
At that time, SCID's board of directors also said they were discussing with Novaland to stop cooperating in the project because they were completing the legal aspects as the project investor.
Saigon Co.op An Phu was originally named An Phu Complex. This is a complex project including a shopping mall, office buildings and luxury apartments. The project is located in the new urban area of An Phu - An Khanh, Thu Duc City, right next to the Estella Heights project and Minh Dang Quang Institute.
The project covers an area of 6.9 hectares with a total floor area of nearly 350,000 m2, providing the market with about 4,000 apartments. The total investment of the project is nearly 450 million USD (about more than 10,000 billion VND).
Source: https://baodautu.vn/novaland-thang-kien-scid-tai-du-an-saigon-coop-an-phu-d253787.html
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