Proposal to revoke OceanBank's "shelved" project to expand traffic routes

OceanBank's suspended project "shelved" in Nghe An

(Baonghean.vn) - The Nam Dan Plaza project located in the center of Nam Dan town is not only behind schedule but also violates many regulations on investment management.

Mr. Nguyen Hong Son - Permanent Vice Chairman of Nam Dan said: Nam Dan District People's Committee has sent an official dispatch to the Provincial People's Committee regarding the handling of this project.

Accordingly, based on Decision No. 365/QD-UBND dated June 12, 2018 of the People's Committee of Nghe An province on adjusting land use planning until 2020 and the first year land use plan of adjusting Nam Dan district planning, the land for implementing the Plaza project is located at the central intersection of 3 roads planned as traffic land in the highlight of creating landscape in the public center of Nam Dan town, accordingly, the plan to transfer this project to the partner is not suitable.

Nam Dan hopes to soon handle the above project to renovate the urban area to ensure the expansion planning of Nam Dan town.

Plaza Nam Dan project has been abandoned for a long time. Photo courtesy

Previously, the Ministry of Finance also commented: The Plaza Nam Dan project was previously invested by Ocean Commercial Joint Stock Bank. In 2015, the State Bank of Vietnam made a compulsory acquisition of Ocean Commercial Joint Stock Bank at a price of 0 VND and Ocean Commercial Joint Stock Bank became a 100% state-owned bank with the State Bank of Vietnam as the owner representative. Therefore, the handling of Ocean Commercial Joint Stock Bank's assets is the responsibility of the State Bank of Vietnam.

On June 20, 2018, Nghe An Department of Finance issued an official dispatch requesting the State Bank of Vietnam to promptly handle the debt of Nam Dan Plaza building according to the law so that the locality can handle the remaining work.

Nam Dan Plaza project at the old Nam Dan Commercial Area, Phan Boi Chau block, Nam Dan town (Nghe An), with the purpose of being a transaction office and service business, motel registered for investment by Ocean Commercial Joint Stock Bank (OceanBank) in 2010.

However, until now, the Nam Dan Plaza building, which has just completed the rough construction, has continued to be "shelved". Since then, a series of OceanBank leaders, including Mr. Ha Van Tham - Chairman of the Board of Directors and Mr. Nguyen Xuan Son - General Director, have been prosecuted and arrested by the investigation agency. The investor, OceanBank, was later bought by the State Bank for 0 VND and handed over to the Vietnam Joint Stock Commercial Bank for Industry and Trade to manage because of its business losses, negative capital and no longer able to operate.