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Quang Nam to cancel out billion-dollar tourism project
Authorities of Quang Nam Province are proceeding with procedures to cancel out a huge tourism project worth US$4.15 billion as the U.S investors have failed to get the project rolling as required, an official said.
The U.S investors namely Tano Capital LLC and Global C & D INC have pledged to join hands to develop the tourism complex named the Dragon Beach resort on around 400 hectares in Dien Ban District.
The provincial government has asked its Department of Planning and Investment to prepare paperwork for revoking the Dragon Beach resort project license, said Tran Van Tri, director of the department.
Tri told the Daily on Monday that the investors had failed their financial obligations to prove their financial capacity, as they had not paid a deposit after more than six months since the investment certificate was issued last September. Neither had they paid for site clearance and resettlement in earnest preparation for the project.
Under prevailing regulations, an investor has to pay money as deposit within six months upon receipt of the investment certificate, meaning the deadline of March for the investors of this project has expired for long.
On September 30 last year, Quang Nam Province authorities awarded the investment certificate to the U.S investors to develop the huge tourism project.
The U.S investors namely Tano Capital LLC and Global C & D INC have pledged to join hands to develop the tourism complex named the Dragon Beach resort on around 400 hectares in Dien Ban District.
Under the project's plan, the investors will build luxury facilities there such as a golf course, around nine hotels, centers of international trade and conference, a villa area, and entertainment service facilities among others.
Le Minh Anh, Chairman of Quang Nam Province, earlier set May 15 as the ultimate deadline for the investors to make the deposit, but the investors have asked for three more months, or until August 30, to make the deposit because they face difficulty in completing procedures to transfer money to Vietnam. The request was not accepted.
Tri from the Planning and Investment Department had not said when the province would cancel out the project.
"All of procedures to revoke the investment certificate should comply with the law," he said.
Before 2009, the investor had once asked the Quang Nam Province to develop the complex with huge investment of US$10 billion before scaling it down to US$8 billion. At the moment, some local media reports showed skepticism over the investors' financial capacity, although the project's capital was finally revised down to US$4.15 billion.
The provincial government had many times consulted with six relevant ministries before giving an investment certificate to the company.
VietNamNet, SGT
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