Lavenue Investment JSC, which had planned to build a five-star hotel and shopping mall on a 4,896-square-meter (5,856-square-yard) plot of land on Le Duan Street in District 1, has sought his intervention to allow it to resume construction. The development ground to a halt after the Government Inspectorate concluded last May that the city People’s Committee had sold the land to private firms against regulations, causing a loss of trillions of dong (VND23,250 = $1) to the treasury and urged the city to appropriate the land. Lavenue general director Do Minh Quan said in his letter to PM Nguyen Xuan Phuc” “[The inspectors] cannot request to have the land repossessed because of the city leaders’ mistake. If the leaders committed mistakes then it was partially due to budgetary pressures during the economic crisis, they did not get any [personal] benefit from approving our project.” According to Quan, Lavenue did not commit any violation, the land use fee it had paid was twice the market rate at a time when the property market was frozen. Besides, the company had spent VND1.5 trillion ($64.5 million) on the project, including VND624 billion ($26.84 million) in land use fee, VND23 billion ($989,400) in land… Read full this story
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