Malaysian millionaire willing to invest in convicted Vietnamese tycoon’s property project: lawyers

Malaysian millionaire Vincent Tan has evinced investment interest in a residential project owned by convicted tycoon Truong My Lan, chairwoman of Van Thinh Phat Group, lawyers for the latter have disclosed.

The information, unveiled on Monday at an ongoing hearing at the Appeals Court in Ho Chi Minh City, identified the project as the Sterling Residence, also known as the 6A residential project.

The project, which spans 26 hectares in Binh Chanh district in the southern metropolis of HCMC, has not been confiscated for compensating bond fraud victims.

If investment procedures were completed, Lan could secure VND20 trillion ($787 million) to provide compensation, lawyers informed the court.

Additionally, some foreign investors have offered to invest in the Capital Place building at No. 29 Lieu Giai street, Hanoi, providing a $400 million loan to help Lan pay compensation owed. After the compensation process is completed, any remaining money can be used to address other consequences of the case, the defense lawyers said.

As of April 2024, Vincent Tan had an estimated net worth of around $730 million, making him Malaysia’s 29th richest person, according to Forbes. He is the founder of conglomerate Berjaya Corp and currently serves as an advisor to the board.

In early 2016, Berjaya bagged an 18-year contract worth $210 million with Vietnam’s lottery firm Vietlott to launch a nationwide computerized lottery in the country.

Before its partnership with Vietlott, Berjaya was the first Malaysian corporation to receive a property development license in Vietnam. It has invested $500 million in the capital city’s Thach Ban New Urban Area (Hanoi Garden City). It also holds a 70% stake in Sheraton Hotel and 75% in Intercontinental Hotel, both in Hanoi.

Berjaya has also introduced several major projects in Vietnam’s southern region, including the $3.5 billion International University Urban Area in HCMC, the $2 billion Nhon Trach New City Center, and the $230 million Bien Hoa City Square, both in Dong Nai province. However, many of these projects remain on hold or have had their licenses revoked.

Last month, Truong My Lan was sentenced to life imprisonment for fraudulent appropriation of property, 12 years for money laundering and eight years for illegally transporting currency across the border.

Earlier, in April, Lan was sentenced to death in the first phase of the Van Thinh Phat case for three crimes: giving bribes, violating lending regulations in the operations of credit institutions, and asset embezzlement.

This judgment is yet to come into force as Lan and other defendants have appealed their sentences.