The company auctioned a sand mine 300 times higher than the starting price in Quang Nam province, boldly closing and winning the bid of 370 billion VND even though the company's charter capital was only 100 billion VND. The general director is Mr. Nguyen Sy Minh Tien, born in 2000.
On October 21, Quang Nam Provincial Police continued to investigate and clarify the case of a sand mine with a starting price of 1.2 billion VND but was auctioned by a business for 370 billion VND in Dien Ban town.
The winning bidder is MT Quang Da Joint Stock Company (headquartered on Nguyen Huu Tho Street, Cam Le District, Da Nang City).
According to the business profile, MT Quang Da Joint Stock Company was established in May 2022, the legal representative is Mr. Nguyen Sy Minh Tien (born 2000, residing in Dien Ban town, Quang Nam), the position of general director.
This company registered 41 business codes; in which the main business is short-term accommodation services, details of tourist accommodation business, and boarding house business services.
In February 2023, MT Quang Da Joint Stock Company changed its business registration and added a series of industries, including stone, sand and gravel mining.
MT Quang Da Joint Stock Company has a charter capital of 100 billion VND, shareholders include Le Nguyen Dong Quan contributing 2 billion VND (2%); Nguyen Sy Minh Tien contributing 68 billion VND (68%) and Vo Thi Hong Nhung contributing 30 billion VND (30%).
Notably, among the 6 companies participating in the bidding for the DB2B sand mine, Nong Son Farm Joint Stock Company emerged with the same capital contribution structure as MT Quang Da Joint Stock Company.
This enterprise was established in August 2022, headquartered in Nong Son district, Quang Nam, with a charter capital of 150 billion VND. The main business is pig farming and pig breeding production.
The shareholder structure of Nong Son FARM Company includes Ms. Vo Thi Hong Nhung holding 59% of ownership; Mr. Nguyen Sy Minh Tien holding 40.9%; the remaining 0.1% belongs to shareholder Le Nguyen Dong Quan.
MT Quang Da Joint Stock Company and Nong Son Farm Joint Stock Company both registered a mobile phone number.
Abnormal signs
When the sand mine auction results were announced, a sand trading business in Dien Ban town said that the current sand price approved by the Quang Nam Provincial People's Committee is 150,000 VND/m3. Sand prices at the wharf range from 150,000 to 180,000 VND/m3.
Meanwhile, the DB2B sand mine has an area of 6.04ha, with a reserve of 159,000m3, starting price of 1.2 billion VND, deposit of more than 242 million VND.
Therefore, the auction results of this sand mine also surprised many people and raised questions about the profitability of the business, as well as the impact of this price on the sand market.
According to Mr. Nguyen Thanh Vy - Head of the Department of Natural Resources and Environment of Dien Ban town, the price that the company won the auction was too high. The price of sand after the auction was more than 2.3 million VND/m3, if taxes and fees were calculated, the price of 1m3 of sand would increase to nearly 3 million VND, which is unrealistic compared to the current market price.
Previously, on June 27, the People's Committee of Quang Nam province also approved the results of determining the winning bid for the right to exploit sand, gravel, and pebbles as common construction materials in Thanh Truoc village (Tra Dong commune, Bac Tra My district).
A company in Tan Thanh ward (Tam Ky city, Quang Nam) won the auction for the right to exploit BTM8-DC mine with a total area of about 6.63ha, priced at just over 1.375 billion VND.
The reserve of this mineral mine is 142,456m3, including 131,961m3 of sand, 7,854m3 of gravel and 2,641m3 of cobbles.
Regarding this incident, the Department of Natural Resources and Environment of Quang Nam province said that the auction results of the mineral exploitation rights at the BD2B mine had unusual factors. The price paid was many times higher than the starting price and the price of construction materials announced by the authorities.
The final price also shows signs of market manipulation for profit, pushing up the price of construction sand materials, negatively affecting economic security and social order.
On the afternoon of October 19, the Chairman of the Quang Nam Provincial People's Committee issued a document directing the temporary suspension of recognition of the results of the sand mine auction, and assigned the provincial police to investigate, verify, and clarify the motive for the unusually high price. If violations are discovered, cases of taking advantage of the auction to disrupt the market for personal gain will be strictly handled.
Sharing with the press, a leader of Quang Nam Province Police - commented that this auction showed signs of "not being transparent", the type of auction that failed to win was ruined, causing the auction to fail, wasting organization costs and affecting the results as well as the auction participants.
The provincial police have requested the People's Committee of Dien Ban town to provide documents and records related to the auction.
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Source: https://vietnamnet.vn/tiet-lo-bat-ngo-ve-doanh-nghiep-trung-dau-gia-mo-cat-1-2-ty-dau-len-370-ty-2334142.html
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