No Va Real Estate Investment Group Joint Stock Company (Novaland, stock code NVL) has just announced that it has received the decision of the Vietnam International Arbitration Center (VIAC) on the dispute between the plaintiff Novaland and Nova An Phu Company Limited and the defendant Saigon Co.op Investment and Development Joint Stock Company (SCID).

Accordingly, the arbitration council has accepted the lawsuit request of Novaland and Nova An Phu, forcing Saigon Co.op to fully perform the defendant's obligations under the project development cooperation contract No. 01/2016 signed on December 30, 2016.

According to the judgment, in case Saigon Co.op fails to fully perform the above obligations, Novaland and Nova An Phu have the right to directly carry out the necessary procedures with competent agencies and organizations, so that the state agency can issue a decision to allocate land for the cooperative land, ensuring the rights and cooperative interests of the plaintiffs.

Saigon Co.op Investment and Development Joint Stock Company is a member company of the Ho Chi Minh City Union of Commercial Cooperatives (Saigon Co.op), established on April 4, 2007, with main business lines being real estate trading, construction investment, trading in commercial centers, office buildings, warehouse leasing...

Saigon Co.op Investment and Development Joint Stock Company is the owner of the Saigon Co.op An Phu project. Previously, Novaland, through its subsidiary Nova An Phu, cooperated with Saigon Co.op to develop the Saigon Co.op An Phu project. The project has a total area of ​​6.9 hectares.

Saigon Co.op An Phu is a complex project consisting of a commercial center, office buildings, hotels and luxury apartments. The total investment of the project is nearly 450 million USD (about 11,000 billion VND), according to the initial plan to be implemented from 2011 - 2016.

According to the 2023 annual meeting minutes of Saigon Co.op Development Investment Joint Stock Company, the Co.op An Phu project was initially invested by Saigon Co.op since 2000. During the investment process, to optimize, Saigon Co.op transferred the project to SCID as the investor since 2010, and it was not until 2015 that compensation and clearance were completed.

In 2019, SCID was allowed by the Ho Chi Minh City People's Committee to be the project investor, and within 3 years, it will be allocated land and pay a project deposit at the Ho Chi Minh City Department of Planning and Investment. However, in 2022, due to the impact of the prolonged pandemic and some changes in legal procedures, SCID carried out procedures to extend the project investor.

At that time, SCID's board of directors also said they were discussing with Novaland to stop cooperating in the project, because they were completing the legal aspects as the project investor.

According to SCID's financial report, this company received a deposit of 102.5 billion VND from Nova An Phu Company Limited related to this project.