Turtle Lake Fountain
The HCMC People's Committee also instructed to review the responsibilities of individuals involved in having determined the planning criteria of the project, affecting the Water Tower, a historical-cultural relic of the city. HCMC Inspectorate has just announced the inspection conclusion of the project of Trade Center - Office - Hotel at No.1 Cong Truong Quoc Te (International Square) Street, No.7 Pham Ngoc Thach Street, and 86 Nguyen Thi Minh Khai Street in Ward 6 in District 3. The project built on an area of more than 8,900 square meters of land leased by the State is invested by International Square Trading Service Joint Stock Company (referred to as International Square Company). The International Square Company had four founding shareholders, including Sai Gon Union of Trading Co-operatives (Saigon Co.op), Saigon Water Corporation (Sawaco), Saigon 3 Garment Joint Stock Company, and Saigon Shipping Joint Stock Company. However, the HCMC Inspectorate found that during the implementation process, the company, departments, some related units, organizations, and individuals had committed violations and mistakes. Specifically, the International Square Company compensated and supported assets on land with nearly VND30.4 billion for related companies and households. Especially, Sawaco's architectural assets are State-owned, but this unit hired a consulting company to determine value to receive an improper compensation of more than VND4 billion. In addition, the International Square Company leased the land to nine units and individuals for more than VND56 billion when it had not signed the land lease contract and had not granted the land-use rights certificate, which is a violation of the Law on Land. The HCMC Inspectorate also determined that the International Square Company incorrectly reported the contribution and divestment of charter capital at this unit. Specifically, in May 2011, when preparing the application for an investment certificate to the Department of Planning and Investment, the International Square Company informed that shareholders had fully contributed the charter capital of VND300 billion into the company. However, by the end of 2014, not until Saigon Shipping Joint Stock Company paid an additional VND6 billion did the charter capital reach VND300 billion. More importantly, after being granted an investment certificate and land lease decision, three shareholders, namely Saigon Co.op, Saigon 3 Garment Company, and Saigon Shipping Company, whose shares account for 70 percent of charter capital, transferred their stakes to Thien Thanh Real Estate Company Limited for profit. This action does not follow the policy of the People's Committee of HCMC. After the aforesaid share transfer, International Square Company currently consists of three shareholders, Thien Thanh Real Estate Company Limited, Sawaco, and an individual. The HCMC Inspectorate determined that the Department of Planning and Architecture of HCMC was inconsistent in advising and providing planning and architectural criteria for the project in terms of floor area ratio. At the same time, the HCMC Department of Natural Resources and Environment had not fully carried out the determination and collection of land rent from the International Square Company from 2015 up to now, heavily affecting the State budget revenue. Particularly, the land rent from July 30, 2009, to April 3, 2015, is nearly VND31.6 billion, but so far, the International Square Company has not paid it yet. According to the HCMC Inspectorate, the city had agreed for Saigon Co.op to cooperate with Saigon 3 Garment Company, Saigon Shipping Company, and Sawaco to jointly use land and establish the International Square Company to rent the above land lot. However, the International Square Company did not comply with the policy of the municipal People's Committee, so the land needs to be recovered to avoid loss and waste of assets on it. From the above results, the Chief Inspector of HCMC put forward solutions. The Chairman of the HCMC People's Committee Phan Van Mai entrusted the Director of the Department of Natural Resources and Environment to preside over and coordinate with the consulting agencies to advise and submit the People's Committee to withdraw and cancel the land lease decisions of the People's Committee to the International Square Company and suggest the People's Committee of Ho Chi Minh City handle the above land. At the same time, it must lead and coordinate with relevant departments and agencies to review the value of compensated properties on Sawaco's land and report it to the People's Committee for consideration and decision. The Director of the Department of Planning and Architecture is assigned to lead and advise the People's Committee to revoke the planning criteria granted to the project and redefine the planning criteria of the above land, avoiding affecting the Water Tower, which is the historical-cultural relic of the city. At the same time, it must organize the review of the responsibility of individuals related to limitations and shortcomings according to the conclusion. The Department of Planning and Investment must prepare procedures to submit to the People's Committee to handle and revoke the investment certificate granted to the International Square Company. The Director of HCMC Tax Department is assigned to determine financial obligations related to the use of the land from 2009 until the decision to withdraw or cancel the land lease decision of the People's Committee to collect tax arrears. At the same time, the Director of HCMC Tax Department is assigned to review and handle more than VND56 billion of land rent that the International Square Company leased to organizations and individuals illegally to recover and pay the State budget, after deducting reasonable expenses; review tax obligations for companies that transferred shares to Thien Thanh Real Estate Company for solutions and handling. In case the International Square Company and related units and individuals fail to fully comply with the instructions of the People's Committee, leading to loss and waste of State property, it should report and ask the People's Committee to transfer the file to the investigation agency of the HCMC Police Department for verification and handling. The Chairman of the HCMC People's Committee also assigned the Department of Home Affairs to lead and coordinate with the Inspection Committee of the HCMC Party Committee and relevant agencies to review the responsibilities and propose handling measures for collectives and individuals under the management of the city and propose appropriate handling methods according to regulations.
The Trade Center - Office - Hotel project, with a 25-story building and two basements, covers an area of 4,560 square meters, with a total floor area of 78,548 square meters, excluding the basement area. The total investment of the project is more than VND1.18 trillion. Of which, the equity capital of International Square Company accounts for 20.2 percent, and other capital 79.8 percent. The implementation duration of the project was from the third quarter of 2014 to the fourth quarter of 2018.
The Chairman of the Board of Directors of the company from 2009 to October 2015 was Mr. Nguyen Ngoc Hoa, from October 2015 to June 2017 was Mr. Diep Dung, from June 2015 to September 2017 was Mr. Nguyen Van Hien, and from September 2017 to the present is Mr. Dang Thanh Hai.
Currently, International Square Company consists of three shareholders, Thien Thanh Real Estate Company Limited, Sawaco, and Mr. Dang Thanh Hai.
The Chairman of the Board of Directors of the company from 2009 to October 2015 was Mr. Nguyen Ngoc Hoa, from October 2015 to June 2017 was Mr. Diep Dung, from June 2015 to September 2017 was Mr. Nguyen Van Hien, and from September 2017 to the present is Mr. Dang Thanh Hai.
Currently, International Square Company consists of three shareholders, Thien Thanh Real Estate Company Limited, Sawaco, and Mr. Dang Thanh Hai.
