The Da Nang People’s Committee (PC) recently asked local relevant agencies to block all the assets of the Thien Thanh Group.  Accordingly, the transfer of ownership rights of the group’s assets, including land, other properties attached to the land, and shares, are not allowed.

Over recent days, the Vietnamese Ministry of Public Security has implemented procedures to block the Group’s assets at the request of representatives from the Da Nang authorities. 

The Thien Thanh Group-developed trading, services and hotel complex in Quang Ngai Province

In recent years, the Group has received approvals from the city authorities to implement 3 large projects and some smaller ones in the city, with a total investment of over 1.5 trillion VND.  They include a 5.5ha multi-storey trade and services complex on the site of the present Chi Lang Stadium with façades on Le Duan, Hung Vuong, Ngo Gia Tu and Chi Lang streets.  The city’s PC had granted land use rights certificates to 11 shareholders of the Group.  Another project, the 5-star Thien Thanh Towers - Green Plaza Hotel, has façades onto Bach Dang, Le Hong Phong, Tran Phu and Hoang Van Thu streets.  Meanwhile, a 2.2ha sports service area at 209 Truong Chinh Street was jointly developed by the Group and the Phu Tho Sport Investment Holdings Company.  

Earlier, on 29 July, police in Ho Chi Minh City detained 2 top leaders of the Thien Thanh Group.  They were 49-year-old Pham Cong Danh, the Chairman of the Board of Directors, and 43-year-old Phan Thanh Mai, a former member of the Board and General Director.  They were both charged with “deliberately acting against the State’s regulations on economic management, causing serious consequences”.