Nghe An revokes investment licenses of 5 projects
(Baonghean.vn) - The People's Committee of Nghe An province has just issued two Decisions No. 4899/QD.UBND and 5041/QD-UBND approving the inspection results of the Interdisciplinary Team on compliance with the law on investment, construction, and land in the area. Accordingly, 5 projects were revoked.
Specifically, the province terminated the operation, revoked the Investment Registration Certificate and canceled related legal documents for the Office Headquarters Project in Hung Loi Commune, Hung Nguyen District, invested by Hung Hung Joint Stock Company.
The reason for the termination of the project is that the Provincial People's Committee has allowed the project to be surveyed and planned since 2006, and approved the planning site since 2007. It has been nearly 11 years but it has not been implemented (More than 12 months without implementation according to the provisions of Point g, Clause 1, Article 48 of the Investment Law).
The second is the Project of production, import-export and consumption of computers, telecommunications equipment, electrical equipment in Nghi Huong ward and Nghi Thu ward, Cua Lo town, invested by Trung Thien Electronic Science and Technology Joint Stock Company, Telecommunication Equipment. The reason for termination is that the Provincial People's Committee has allowed the survey and planning since 2006, granted the Investment Certificate since 2007, up to now, 11 years have passed but it has not been implemented. The Provincial People's Committee has issued a document allowing the project to extend the implementation progress twice but it has not been implemented (After 12 months, it has not been implemented according to the provisions of Point g, Clause 1, Article 48 of the Investment Law);
 |
| One of the decisions to revoke the project. Photo: Tran Chau |
Three other projects were also revoked: Livestone Quy Hop artificial stone and natural stone processing factory of Dong Duong Group Company Limited (formerly Dai Duong Group Company Limited), Tho Hop commune, Quy Hop district; Xop Coc Hydropower Plant Project of Phu Nguyen Hai Company Limited, Yen Thang commune, Tuong Duong district; Fuel coal production factory of Luu Hong Company Limited, Quynh Giang commune, Quynh Luu district.
These projects were granted investment certificates but have not been implemented yet (over 12 months as prescribed by the Investment Law).
Upon revocation, the Provincial People's Committee requests: Project investors to cease operations of the projects, return the granted investment certificates (if any) to the Department of Planning and Investment before November 30, 2018 and liquidate the project in accordance with current regulations, and take full responsibility for all costs spent on project research and investment.
