Novaland refuses Truong My Lan demand for $100M debt repayment

At her ongoing trial she told the People's Court of HCMC on Oct. 10 that Novaland owed her the money for participating in an urban development project called Suntec City in the southern province of Long An in 2022.

Novaland said in a recent news release that it only agreed to form a partnership with Tan Thanh Long An, an affiliate of Lan’s company Van Thinh Phat, in the early stage of the project.

The agreement was that Tan Thanh Long An would invest money in the project while it would develop it after all the permits were acquired, the company said.

But the partnership ended in the early stages of the project at the request of Tan Thanh Long An, it said.
It added that it never participated in any bond issuance by Tan Thanh Long An.

Tan Thanh Long An is among many companies affiliated with Van Thinh Phat whose assets have been frozen for suspected involvement with the alleged crimes of Lan and her accomplices.

The company has issued VND5 trillion worth of bonds and has not redeemed them.