OceanBank's suspended project "shelved" in Nghe An

Continuously violating regulations, the project is on hold

On February 22, 2010, Ocean Commercial Joint Stock Bank (Oceanbank) registered to invest in the Nam Dan Plaza project at the old Nam Dan Commercial Area, Phan Boi Chau block, Nam Dan town (Nghe An), with the purpose of building a transaction office and providing services and motels.

However, after the groundbreaking ceremony on May 15, 2010, until August 11, 2014, the project was still inactive, causing public opinion in Nam Dan district to be upset. The People's Committee of Nam Dan district had to continue sending official dispatches requesting the investor to respond clearly and recommending the Provincial People's Committee to establish an inspection team to consider revoking the project and handing it over to another investor.

During the meeting between the parties, the provincial interdisciplinary inspection team pointed out the violations of the investor such as: Having been granted an investment certificate since 2010, but until 2014 Oceanbank had not yet fulfilled its tax obligations to be allocated land and leased land according to the provisions of law; the construction drawings and basic designs had not been approved and the construction permit had not been granted, but the foundation was still poured and construction was still carried out up to the 2nd floor; The project's slow progress continued...

Facing the risk of having its license revoked, Oceanbank committed to start construction in early September 2014, complete construction by December 15, 2014, and put Nam Dan Plaza Building into operation by December 31, 2014.

The project is "shelved" in a state of incomplete construction. Photo: HH

However, the Nam Dan Plaza building, which had just completed its rough construction, continued to be left unfinished. 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, were 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 negative business losses and no longer able to operate.

Faced with a suspended project, "shelved" for a long time, located right in the center of Nam Dan district like an abandoned house, people are very upset. Since 2015, the People's Committee of Nam Dan district has sent dozens of official dispatches requesting the investor to complete the project or have a solution, but the project remains motionless.

The province issued a decision to withdraw, the investor asked for a postponement.

On June 2, 2017, based on the conclusion of the first round of the 2017 Interdisciplinary Inspection Team on the compliance with the law on investment, construction and land of projects in Nghe An province, the Provincial People's Committee signed a decision to terminate the implementation, revoke and cancel relevant legal documents for 3 projects, including the Nam Dan Plaza project.

However, after receiving the Decision of the Provincial People's Committee, on June 22, 2017, Oceanbank sent a document requesting to postpone the effective date of the revocation decision and create conditions for Oceanbank to transfer the unfinished project to another investor to recover capital.

Since 2015, the Nam Dan Plaza building has not been continued to be constructed. Photo: HH

Currently, Nam Dan is implementing the District Construction Planning Project; General Planning for the expansion of Nam Dan Town according to Notice No. 99/TB-TTg dated May 25, 2016 of the Government Office and Official Dispatch No. 5122/UBND-XD dated July 18, 2016 of the Provincial People's Committee, accordingly, the construction location of Nam Dan Plaza Building is no longer suitable for the civilized urban criteria of the new rural district, so it has been planned into a public area, expanding the town intersection, building a traffic roundabout to both create a highlight for Nam Dan New Rural District, and avoid congestion and ensure traffic safety.

On January 22, 2018, the People's Committee of Nam Dan district sent a document requesting early termination of the project, not allowing the transfer of the project to another investor as requested by Oceanbank so that Nam Dan could implement the approved planning. However, up to this point, the Nam Dan Plaza project has not been removed./.

HH