No Va Real Estate Investment Corporation (Novaland) has recently announced to investors and related shareholders that the company has been invited by the Ho Chi Minh City People’s Court to participate in the trial of the Van Thinh Phat case as a party with rights and duties involved.
Novaland sends information to investors and shareholders
According to Novaland, during the process of expansion and increasing land funds, the corporation intends to participate in the research and development of some projects for which Van Thinh Phat Group has the right to manage and legally own.
However, due to the ongoing criminal trial by the Ho Chi Minh City People’s Court related to misconduct at Saigon Commercial Bank (SCB) and Van Thinh Phat Group, the parties have temporarily suspended to wait for guidance from competent state agencies.
In this case, Novaland has been invited to participate in the trial as a party with rights and duties involved (expected to last 2 months). However, because the corporation is allocating resources to focus on restructuring, Novaland has sent a letter to the Ho Chi Minh City People’s Court requesting not to participate in the trial and has been granted approval by the court.
Prior to this, Novaland has sent a notice to the Ho Chi Minh City Stock Exchange (HoSE) regarding information related to the industrial park and urban area project Viet Phat and Tan Thanh Long An Investment Corporation, a company related to Van Thinh Phat Group.
According to Novaland, in 2022, the company cooperates as the development unit of the Viet Phat industrial park and urban area project, with Tan Thanh Long An Investment Corporation as the investor. However, during the initial phase of project implementation, Tan Thanh Long An requested Novaland to temporarily suspend the development of this project until further notice.
Novaland affirms that besides the above-mentioned relationship, the company has not received any authorization or any other cooperation with Tan Thanh Long An, in general investment and business activities and especially in bond issuance.
The Viet Phat industrial park covers an area of over 1,800 hectares and is planned according to a new model combining industrial park and urban area, developed by Van Thinh Phat Group, Tan Thanh Long An Investment Corporation, and a joint venture partner from South Korea.
During the investigation, the functional agencies have sealed off the project, resulting in the suspension of all business activities.
