Khanh Hoa revokes Phoenix beach project’s license

The south central province of People’s Committee of Khanh Hoa said the provincial chairman has just decided to revoke investment license and force India’s Dewan as investor to stop operations of Phoenix beach project of International Dewan Vietnam due to investor did not contribute the charter capital to the project.

The Phoenix project has the registered capital of VND 26,250billion (US$ 1.25billion). Regarding the rate of charter capital held by the State, the Dewan Vietnam must contribute the charter capital of VND 420billion to carry out the project and deadline would be on June 30.

The Phoenix was approved to cover a large area of 74 ha including 60 items along Nha Trang beach. As scheduled, the project would set up two high-rise buildings on Nha Trang Beach. One of the buildings is to be 50-65 stories high and the other is to be a five star hotel.

Van Ngoc –Translated by M.Quyen

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