Asset auction is a form of asset sale with two or more people participating in the auction according to the principles, order and procedures specified in the Asset Auction Law, except for special cases (only one person registers). sign to participate in the auction, one person participates in the auction, one person bids, one person accepts the price). The auction of assets that are land use rights (land auction) is guided in detail in Decree 102/2024/ND-CP guiding the Land Law 2024.
The act of land auction participants colluding and colluding with each other to inflate land prices is a strictly prohibited act in land auction activities. Clause 5, Article 9 of the Asset Auction Law 2016 (amended and supplemented in 2024) prohibits auction participants, auction winners, other individuals and organizations from colluding or connecting with auctioneers or organizations. asset auction practitioners, people with auctioned assets, other auction participants, other individuals and organizations to reduce prices, raise prices, and falsify asset auction results.
Administrative sanctions
According to Article 23 of Decree 82/2020/ND-CP on administrative sanctions for violations of regulations by auction participants, auctioned asset owners and other people related to asset auction activities. Assets: Fine from 10,000,000 VND to 20,000,000 VND for acts of colluding to reduce or raise prices in asset auction activities that do not rise to the level of criminal prosecution. Remedial measures include:
- Cancel asset auction results if the auctioned asset is public property for acts of collusion to lower or raise the price leading to falsification of auction asset information or auction participation documents or auction results. asset price.
- Recommend competent agencies, organizations, and persons to consider canceling auction results in case of auction of assets that are not public assets.
- Forced to return illegal profits obtained through collusion to reduce or raise prices in asset auctions.
Criminal prosecution
In addition, the act of colluding to inflate land prices can also be prosecuted for criminal liability. According to Article 218 of the 2015 Penal Code on Crime of violating regulations on asset auction activities, it stipulates that anyone who colludes to reduce or raise prices in asset auction activities to gain illegal profits. from VND 30,000,000 to under VND 200,000,000 or causing damage to others from VND 50,000,000 to under VND 300,000,000, shall be subject to a fine from VND 20,000,000 to VND 200,000,000, and non-custodial reform. up to 2 years or imprisonment from 3 months to 2 years.
Committing a crime in one of the following cases shall be fined from 200,000,000 VND to 1,000,000,000 VND or imprisoned from 1 year to 5 years:
- Organized;
- Gaining illegal profits of 200,000,000 VND or more.
- Causing damage to others of 300,000,000 VND or more.
- Committing the crime 2 times or more.
- Using sophisticated and cunning tricks.
Offenders may also be fined from 10,000,000 VND to 50,000,000 VND, banned from holding certain positions, practicing certain professions or doing certain jobs for 1 to 5 years.
