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Wednesday, September 22, 2021

Saigon Me Linh Tower investor seeks to continue long-stalled project

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HCMC – Me Linh Square Investment Corporation, the investor of the Saigon Me Linh Tower project on a land lot at 2-4-6 Hai Ba Trung Street in HCMC’s District 1, which had illegally been handed over to a private firm, has proposed submitting more than VND2.7 trillion to continue work on the project.

The Saigon Beer-Alcohol-Beverage Company (Sabeco), under the Ministry of Industry and Trade, had earlier transferred its entire stake in the project, effectively handing over the public land to a private firm and thus causing a loss of over VND2.7 trillion for the State.

The proposal has been sent to the HCMC government and some other relevant agencies, Thanh Nien Online newspaper reported.

According to an indictment of the Hanoi People’s Court on the illegal handover of the land lot, the land lot was later handed over to the HCMC government to be handled in line with the law. Me Linh Square Investment Corporation was a unit with related rights and obligations in the case.

Therefore, the corporation suggested the chairman of the HCMC government direct the relevant departments and agencies to handle the land lot in line with the indictment. The corporation will submit over VND2.7 trillion to the State budget as its financial obligations to the State to add the housing component to the project.

Me Linh Square Investment Corporation is under the ownership of a group of investors, including Me Linh Square Investment Corporation and two individuals. Me Linh Square Investment Corporation has a foreign shareholder—Oriental Sky Development Limited, which is owned by those in the British Virgin Islands and the United Kingdom. This group of investors was not involved in the violations of defendants in the illegal handover of the land lot.

At the time the group of investors decided to invest in Me Linh Square Investment Corporation, the firm had received permission from the competent agencies to execute the project.

In addition, in 2019, Vietnam and the European Union, including the United Kingdom at the time, signed an investment protection agreement. Under the agreement, the investment of Oriental Sky Development Limited would be protected.

If the firm submits over VND2.7 trillion for the State, the State’s benefits will also be ensured and a lawsuit in the international court will be prevented. Therefore, Me Linh Square Investment Corporation expected the municipal government and the relevant agencies to support it to continue the project.

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