Big profit from Land Speculation by foreign Investor!

By: Linh D.D. -

In this first edition of our investigating article on International investors that come to Vietnam and conduct illegal activities in order to gain profit from the special treatment of Investment Law to Foreign Direct Investment, how is it possible and who are the Vietnamese Citizen who knowingly assist them in doing that. We start with the high profile Investor of the Greentech City in the Green Belt of Hanoi Capital, HCMC River Tower and Paradise Bay Resort of Bai Dai in Khan Hoa Province: Mr Igal Ahouvi.

Sometime in 2007 Mr Igal Ahouvi opened an office in Vietnam with the assistance of Israeli Embassy and the General Consul of the Embassy Mr Kaml El Hag.
The Purpose of this office is to invest in real estate projects in Hanoi and HCMC. The office is located till today in the Pacific Place floor 11, 83B Ly Thuong Kiet St., Hoan Kiem Dist., Ha Noi, The first and significant project of Blenheim Real Estate Viet Nam Ltd , the Company that Mr Igal Ahouvi uses in many countries and hides behind BVI off shore trusts, was supposed to be the Greentech City as described nicely worded in Vietnam Investment Review:

“Another new comer he Blenheim Real Estate Group with $302 million Green Tech City investment in Hanoi. The developer will develop a 57.5ha ‘sustainable urban district’ incorporating existing villages, and eventually housing a population of more than 20,000 people.The plans apparently will ‘expand and reinforce the local traditions and green urban character of Hanoi.”

The land in Dai Mo commune, Tu Liem district, was granted by Hanoi People Committee Official Letter No. 4363/ UBND-KH&DT dated 18 May 2009., for the developer Mr Igal Ahouvi to use as a new concept of  mixed-use development including villas, townhouses, school, retail, public facilities and civic centres. The Hanoi People Committee was lead to believe that Mr Igal Ahouvi and his team had the intention of really developing the Area for the benefit of the People of Vietnam.

According to quotation from Mr B…** ,former High ranking official in the department of Construction and his relative who worked for Mr Igal Ahouvi : “They presented high values for the Hanoi city citizens and promised to bring International acclaimed Architechts, and fast deployment as they claimed a good and strong financial ability”,  by misleading the Hanoi People Committee Mr Igal Ahouvi and Blenheim Real Estate Viet Nam Ltd received the biggest land left in Tu Liem District of Hanoi at no known cost – a good agricultural land that many farmers and residents had been evacuated in many ways.

The reality was very different although the land was granted in 2009 for development the main purpose was to speculate on the increase in value and to sell the land with big profit estimated at $30-40 Million Dollars net!!

Money that left Vietnam due to speculation!!

The sale took place during the year 2018 to company related to Maritime bank for a sum of $40 Million.

Why Mr Igal Ahouvi was allowed to take the Natural resources of the city of Hanoi and its citizens?

Who approved did?

Who benefited from Mr Igal Ahouvi deals?

Who assisted Mr Igal Ahouvi to receive this land? What is the role of Mr Kamal el Hag and the former Ambassador of Vietnam to the United Nation, Mr Ngo Quang Xuan.

In March 2018 Prime Minister Nguyễn Xuân Phúc instructed related authorities to tackle land-use rights violations and speculation – at the same time Mr Igal Ahouvi and Blenheim Real Estate Viet Nam sell in a shady transaction land that was only given to them according to the Investment Certificate to develop.

Was the Sales deal fully disclosed to the Authorities in Vietnam or not?

We will continue to investigate this action of Mr Igal Ahouvi in Green Tech project illegal sale.

We will also investigate the River Tower Project in HCMC and legal case between fighting partners of Mr Igal Ahouvi and the involvement of Mr Do Trong Hai prominent Lawyer from the Bizlink Law firm in Hanoi, with branches in HCMC and Danang. Mr Igal Ahouvi together with the International CFO of Blenheim Properties from London Mr Oron Costrici and Mr Do Trong Hai may have committed bribery and money laundering to solve the legal court issues.

We will investigate the Paradise Bay Resort of Bai Dai in Khanh Hoa Province with good proof of Illegal action committed in ALMA project by Mr Hem Patel the CEO of Paradise Bay Resort, The CFO in Vietnam Mr Anh Duong Tuan, Ms Kieu Hung Pham who is the Legal counsel of Paradise Bay resort and other conspirators.

In order to keep a fair position we have asked from all the people in this first article to comment and give their point of view or even say it is not true.

We could not reach Mr Igal Ahouvi but all others decided not to comment.

** Name and records are kept with the Magazine editorial desk

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