Letters submitted to a court reveal that Hong Kong’s CK Asset Holdings and several other foreign investors are eyeing properties worth billions of dollars connected to Vietnam’s largest financial scandal. Truong My Lan, a prominent real estate figure, stands accused of orchestrating a scheme that funneled approximately $12 billion from Saigon Joint Stock Commercial Bank (SCB), a major Vietnamese bank.
Following Lan’s arrest and subsequent bailout of SCB by the central bank in 2022, Vietnamese authorities have sought foreign investors’ interest in the beleaguered lender. However, the valuation and legal status of assets held by Lan’s property firm, Van Thinh Phat (VTP), remain significant hurdles in any potential deal.
While Lan faces severe legal consequences, including the death penalty, some of her associates have written to the court, emphasizing her role in attracting investments to Vietnam. Notably, CK Asset’s Executive Director, Justin Chiu, expressed interest in VTP’s real estate portfolio, urging favorable conditions for investors to proceed with negotiations.
Similarly, Lifestyle International Holding and Singapore’s Vantage Point have also expressed interest in Vietnam’s property sector, albeit facing challenges amid the ongoing legal proceedings. Despite the court’s reluctance to accept these letters as trial documents, foreign investors remain keen on exploring opportunities within Vietnam’s turbulent financial landscape.
