Thang Long Garmen Joint Stock Company “Occupies” Over 14 Billion Of Maintenance Fund?

In Hanoi, residents and the Thang Long Garden Apartment Management Board 250 Minh Khai (Hai Ba Trung, Hanoi) are puzzled by the information that the investor claims to have no money left to pay maintenance funds.

Complaining about the difficulty to pay 14 Billion maintenance funds

According to the representative of Thang Long Garden apartment building (250 Minh Khai, Hai Ba Trung district), since its legal establishment, the Board has repeatedly requested the investor Thang Long Garment Joint Stock Company to hand over the maintenance fund. However, this unit still ignored the recommendations.

Thang Long Garment Joint Stock Company has provided the total maintenance cost from the apartment block of 645 756 USD. Maintenance cost is not owned by the owner of the data provided by the investor.

Recently, at the meeting between residents, management and investors, Mr. Ngo Van Don, Deputy General Director of Thang Long Garment Joint Stock Company said that the company encountered many difficulties, losses, uncompleted projects, etc.  It is advisable to seek a client for the service area at the first floor of the building. At the same time, the representative of the owner promises to return 10% of maintenance funds for the immediate future, followed by a 10% return each quarter.

Many items of CT3 Trung Van apartment are in serious downgrades, but the owner still refuses to repay the maintenance fund.

However, the reasons given by the owner made the residents and the management does not accept. Do Quang Binh, Chief Executive Officer, said that the loss of the company does not affect the maintenance fund because it is a revenue independent of the operation of the company. As a result, the management board still asked Thang Long Garment Joint Stock Company to transfer the maintenance fund into its own account and hand over the maintenance cost for the apartments agreed upon by both sides.

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Regarding this issue, Pham Bao Chung, representative of the Hai Ba Trung District’s Urban Management Department, also said that the company’s loss-making business does not affect the maintenance fund because it is an independent revenue source of the business.

At the same time, according to Mr. Chung, the company must immediately hand over the maintenance funds for the apartment was agreed by the parties. In cases where the company no longer has enough maintenance funds for handover, it shall have to send a written proposal to the competent State agency for guidance and settlement.

Relating to the urgent concerns of residents of Thang Long Garden apartment, People’s Committee of Hanoi City has also instructed the investor to provide the approved planning design file and at the same time request the parties to clarify the project documents and documents.

However, according to the representative of the Management Board, so far, the investor has not done any handover work on the design documents, approved planning, community activities and maintenance funds.

The views of the Management Board do not accept the plan each quarter to contribute 10-12% of maintenance funds that Thang Long Garment Company. Although the investor has transferred 22 000 USD and promised to pay the funds.

The Executive Board of this apartment said that it will continue to petition Hanoi to coerce the return of maintenance funds, ensuring the interests of residents.

Initiate suing the investor in court

According to statistics, there are about 200 apartment buildings in Hanoi, but less than 20% of them hand over full maintenance fees to the management. Currently, the maintenance cost of the apartment is low several thousand to several tens of thousands. All cases where investors hugging money without money handed over to the Executive Board has violated a series of provisions of law.

Typically, residents of the Keangnam Building had to submit a petition to the Prime Minister asking for the maintenance fund (worth about 7.04 million USD) has not been handed over by the investor even though the building management has been established for 3 years. After that, the project owner agreed to pay the maintenance fund but in modal way.

Previously, in the Thang Long Garden apartment, residents have been focused on protesters against a series of offenses.

Then, a series of disputes took place in the apartment buildings such as CT12 Van Phu Apartment, Ho Guom Plaza apartment, VP3 Linh Dam Apartment, Golden West Apartment, etc. At first, residents submit the application to the authorities. When the matter is not resolved, the residents gathered carrying banners and the banners below the building protest the owner’s maintenance fund.

Remarkably, the 1 & 3 blocks of the CT3 building, Trung Van new urban area (Nam Tu Liem, Hanoi) has officially applied to the People’s Court of Tay Ho district suing the investor is the Construction Joint Stock Company No. 1 River Hong Nham handed over 264 000 maintenance fees.

Ms. Pham Thi Xuan, Head of Unit 1, said that to date (June 8), the Management Board is continuing to complete the court documents required. The views of the management and residents will claim their rights at the Court.

Talking to the press, representatives of the Housing Management and Real Estate Market, the Ministry of Construction said that the people elected after the meeting residents of the building and have been recognized by the local government are fully private enough how to get maintenance fees on behalf of residents.

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“If the process lasts too long, people have a right to suspect maintenance fees have been misused by the owner, even spent. Even if the owner signs the appropriation of property can be treated criminal, “the representative of the Ministry of Construction confirmed.

According to lawyer Tran Tuan Anh, director of the law firm Minh Bach recommends, home buyers need to thoroughly understand the provisions, terms of maintenance fees before signing a contract of buying house for investors.

In particular, from the very beginning, customers should ask the owner to separate their home purchase and 2% maintenance fees into different bills. With the maintenance fee, the investor must send a separate account at the bank so that people can supervise, avoid the investor use the wrong purpose of this money.

The Ministry of Construction has recently requested localities to strengthen the dissemination of the law on housing and urge localities to issue documents guiding the implementation of the law on housing according to their competence. At the same time, the inspection, examination and handling of violations of housing legislation should be strengthened.

In particular, the common cases are: not to hand over the cost of maintenance of the common ownership; not hand over apartments for apartment management board; not organizing or causing difficulties in condominium conferences; use apartment for non-residential purposes; encroach on space; construction is not in accordance with the approved planning, etc.

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