The Phu Gia Thinh Investment Business House Corporation , headquartered at 223 Le Dinh Ly, Hai Chau District, Da Nang, has just been fined VND1 billion for illegally raising capital at Thanh Hoang Residential Area project, which belongs to Xuan Thieu - Nam O Villa Resettlement Area, Hoa Khanh Bac Ward, Lien Chieu District.

This business was found mobilising capital from individuals/organisations through the signing of the so-called ‘Capital Contribution Contracts’ and ‘Capital Contribution Agreements’ at the Thanh Hoang Residential Area project whereas there was no notice released by the Da Nang Department of Construction on sufficient conditions for raising capital at that time.

It is known that, Phu Gia Thinh had previously commited administrative violations for many times.  It improperly mobilised capital by signing 100 capital contribution contracts/agreements with 59 partners at the Thanh Hoang Residential Area project.

At the request of the Da Nang People's Committee, Phu Gia Thinh shall return all of the improperly mobilised capital to the above-mentioned capital contributors as well as report the results of the implementation of remedial measures caused by administrative violations to the municipal government through the municipal Department of Construction.

The implementation of the aforementioned remedial measures must last 180 days.

The Thanh Hoang Residential Area project whose trade name is Phoenix Complex, located at L6 B-1, Xuan Thieu - Nam O Villa Resettlement Area, Hoa Khanh Bac Ward, Lien Chieu District has a total investment of more than VND260 billion, covering total area of nearly 2 hectares and a scale of 100 land plots of shophouses.

Previously, this business was also fined VND 300 million by the Da Nang People's Committee for illegally raising capital at the New Da Nang City project in Hoa Khanh Nam Ward, Lien Chieu District.

Reporting by TRIEU TUNG – Translating by A.THU