According to the announcement from No Va Real Estate Investment Corporation (Novaland, code: NVL), during its expansion and land fund increase, Novaland intends to participate in researching and developing some projects that are legally managed and owned by Van Thinh Phat Corporation.
However, at the moment, the Ho Chi Minh City People’s Court is conducting a trial related to the misconduct that occurred at Van Thinh Phat, so all parties have temporarily suspended to await guidance from the authorized state agencies.
Novaland has been invited to participate in the trial as a party with related rights and obligations (expected to last for 2 months). However, because Novaland is allocating resources to focus on restructuring activities, NVL has sent a letter to the Ho Chi Minh City People’s Court and has been granted approval for not participating in the trial.
Source: Novaland
Earlier, Novaland also spoke out about its relationship with the company related to Van Thinh Phat. Specifically, Novaland has sent a document to the Ho Chi Minh City Stock Exchange (HoSE) regarding information related to the Viet Phat Industrial Zone and Tan Thanh Long An Investment Corporation.
Tan Thanh Long An is known as the investor of the Viet Phat Industrial Zone construction, infrastructure business in Long An province. This project is invested by Van Thinh Phat, Tan Thanh Long An, and a joint venture partner from South Korea.
Novaland stated that in 2022, the corporation cooperated as the project developer of the Viet Phat Industrial Zone and Urban Area, which is invested by Tan Thanh Long An Investment Corporation. During the initial stage of implementing some activities for the project, Tan Thanh Long An requested Novaland to temporarily suspend the development of this project until further notice.
In addition, Novaland affirmed that it has not received any authorization or had any other cooperation with Tan Thanh Long An Investment Corporation in investment and business activities in general, as well as issuing bonds in particular.
After the turmoil related to the leadership of Van Thinh Phat Corporation, Tan Thanh Long An is one of the companies that have been sealed off by the investigative authorities, causing all business operations to be temporarily suspended.
