Information of Khang Thong Group shakes hands with new partners, re-launch Happy Land super project, the head of Long An civil judgment enforcement agency is continuing to distrain property in the project to collect debt repayment for banks.
Khang Thong cooperation with the “strange” partner Vina Oscar Hotel is a very mysterious business.
Happy Land was determined?
“We continue to work on asset inventory in accordance with the law and will enforce the Happy Land project in 2017,” said Nguyen Van Gung, Director of the Long An Civil Judgment Enforcement Department. Executors have completed inventory of the first batch and is continuing to deploy.
The move is to secure the handling of the VND800 billion debt that Phu An Infrastructure Investment and Construction Joint Stock Company (Phu An Company) belongs to Khang Thong Group Joint Stock Company is owed to the bank and organizations.
Prior to that, in a statement released on 18/11, Phu An said it has cooperated with Vina Oscar Hotel began construction of a number of key items such as five-star hotel area more than 1,000 rooms, resort, entertainment area …
Answer the question of VietnamFinance about the new investor Happy Land’s dynamics affect the process of execution? Mr. Bear said that according to regulations, the status of assets in the process of distortion must not be changed.
Executors are checking and taking back information about the investor holding the groundbreaking ceremony. The assets that are disturbed are subject to change or not subject to inspection.
Mr. Bear reaffirms the project co-ordination procedures will continue to normal. Since Phu An Investment and Infrastructure Development Joint Stock Company just paid more than VND 1 billion in total amount of nearly VND 800 billion, it must be enforced.
Vina Oscar Hotel, mysterious life buoy
May 5, 2017, when Long An Provincial Justice Department issued a notice on enforcement of property in Happy Land, Phu An application for adjournment. In August, 2017, the company continued to apply for postponement again on the grounds that it has found partners to transfer shares of the business for repayment.
At this point, the new deal was officially announced by Phu An, whereby Vina Oscar Hotel has signed a contract to buy 88% shares of entertainment area 305 hectares in the project Happyland for VND668 million and start The items mentioned above.
If this deal is true, Phu An will have about VND15 trillion to settle the debt and continue to operate. The question is, can Vina Oscar Hotel be “generous” to pumping money into a flimsy project?
In 2011, Happyland was kicked off with the announcement that three years after the largest entertainment and entertainment project in Southeast Asia will be put into operation. However, so far the project is still unfinished, wild and makes Phu An flooded in debt. Even “power” Van Thinh Phat looked to revive this project but “fled” after the negotiation.
According to our understanding, although named Vina Oscar Hotel but the organization has no operations as well as fixed assets in Vietnam. This legal entity established in Hong Kong is also inaccurate when the records show that it is organized outside Hong Kong and is linked to Hong Kong through 7 individual intermediaries.
Meanwhile, the right of residence of this legal entity is recorded in the British Virgin Islands. In particular, Vina Oscar Hotel is the name on the Panama record published by the International Association of Journalists (ICIJ) since 2015.
Not only shake hands with a legal “mystery”, Phu An announced that the two sides will invest 1,000 hotel rooms and resorts between the “blanket” project is another strange point. While many of Happy Land’s items have been deserted for many years, the construction of the lodge is difficult to revive even a dying project.
Obviously, there are too many suspicions behind the deal. However, for whatever reason, with the “solid” movement of Long An government, it is likely that Happy Land will still receive bad results.
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