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Nguyen Duc Chi will revive the Rusalka project

Mr. Nguyen Duc Chi "resurrection" project Rusalka after 10 years "mats"

Nguyen Duc Chi, Chairman of the Board of Directors of Champarama Resort Joint Stock Company, signed a contract with a foreign conglomerate to manage the Champarama Resort & Spa in Nha Trang city, Khanh Hoa province.

Mr. Chi also said that the project of Champarama Resort & Spa did not change much in terms of planning and architecture but the interior had to be modified a lot. At present, the owner is hiring a foreign company to design interior parts. “The project is also doing a model house, which is expected to come into operation in June,” Chi said.

Area C of the Champarama Resort & Spa project
Area C of the Champarama Resort & Spa project

Situated in Vinh Hoa Urban Area, on the beach of Bai Tien, Champarama Resort & Spa is one of the most famous projects in Nha Trang. The project has an area of ​​43.8 hectares, total investment of $ 15 million, granted investment certificate in 2000 with the name Rusalka (Russian means Mermaid Fish).

The investor was Rus-Invest-Tur Investment and Tourism Development Joint Stock Company (RIT) chaired by Nguyen Duc Chi.

Mr. Nguyen Duc Chi "resurrection" project Rusalka after 10 years "mats"
Mr. Nguyen Duc Chi “resurrection” project Rusalka after 10 years “mats”

In 2005, Nguyen Duc Chi was arrested for “falsifying documents of agencies, organizations” and “using illegal property”. The property of RIT in Rusalka was seized by the Ministry of Public Security. Ministry of Planning and Investment issued the decision to terminate the operation of the project, revoke the investment license of RIT and the People’s Committee of Khanh Hoa province also revoked the certificate of land use rights of this project.

However, after five years, the Supreme People’s Court Judge panel issued a decision to cancel the property disputes at Rusalka and return them to Nguyen Duc Chi when he was released from jail in 2010.

Mr. Chi then established Nha Trang Tourism Focus Company (Focus Travel Nha Trang) to continue the Rusalka project. By the end of October 2011, the People’s Committee of Khanh Hoa province has decided to choose this company as the official investor of the project.

In May, 2013, Khanh Hoa People’s Committee granted a new investment certificate for the Rusalka project named Champarama Resort & Spa. The new project was awarded to Focus Travel Nha Trang by Mr. Nguyen Duc Tan (Chi’s brother) as director.

Under the new investment certificate, the Champarama project covers an area of ​​over 44 hectares, comprising area B of nearly 30 hectares, area C of nearly 14 hectares with a total investment of VND 1,200 billion (of which the implemented value is 600 billions dong).

On 12 December 2015, Focus Travel Nha Trang was renamed Champarama Resort Joint Stock Company by Mr. Chi as Chairman. On 6 January 2016, this company was granted the Investment Certificate of Champarama by Khanh Hoa Department of Planning and Investment.

In the past, when Mr. Chi restarted the Rusalka project, the contractor of the project and also the largest creditor of RIT – Construction Materials and Trade Construction Limited Company (BMC, Ministry of Public Works). It is claimed that the choice of Mr. Chi’s new company as a project investor is vague, which is good for Mr. Chi because the project has not been liquidated. Accordingly, BMC demanded that Mr Chi pay VND125 billion for the volume of work done at the project.

In April 2016, Chi said he had transferred the amount of VND150 billion for the total workload of VND51.6 billion that BMC had executed at the Rusalka project under MBBank’s guarantee. As such, all of the assets under construction in Block C of the Champara project belonged to Mr. Nguyen Duc Chi.

Since his retirement from BMC, Chi has accelerated construction at Champarama Resort & Spa. Along with that, he also invested in building and bringing the population of the five-star Camranh Riviera Resort & Spa project into operation in 2015. Chi’s business is also investing in the marina hotel complex ” Royal Marina “with more than 5,000 rooms in Vinh Hoa urban area, Nha Trang city.

More about the business plans, Chi said, he is setting up a $ 600,000 fund to fund the 1 / 2,000 Mt Co Tien planning to put construction activities in place. the area of ​​Mount Co Tien in particular and the northern city of Nha Trang in general become scientifically and methodically.

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