A South Korean real estate firm and a Malaysian entrepreneur have expressed their interest in projects of property developer Van Thinh Phat Holdings Group, whose chairwoman Truong My Lan was already sentenced to death in one of the biggest corruption cases in history, with an estimated US$27 billion in damages.

South Korea’s APM Luxe has sent a document to the High People's Court in Ho Chi Minh City, claiming that it is interested in three projects of Van Thinh Phat.

They include the 31.5-hectare Nha Rong - Khanh Hoi housing complex at the namesake wharf in District 4, Ho Chi Minh City; the Mui Den Do urban area spanning over 117 hectares and designed to boast a park, a trade center, offices, hotels, a convention and exhibition center, and a high-rise residential area in District 7, Ho Chi Minh City; as well as a complex of a trade center, high-end offices, and apartments covering 3.5 hectares in Ba Dinh District, Hanoi.

APM Luxe has urged the court to review its proposal and provide support in gaining access to and negotiating potential acquisitions or investments in the projects.

The company emphasized its commitment to safeguarding the interests of all parties involved while ensuring full compliance with Vietnam’s legal framework.

APM Luxe was established in South Korea in 2011.

The Seoul-headquartered company’s legal representative is its chairman Song See Yong.

The company has not undertaken any projects in Vietnam but participated in an event in Hanoi in 2018, where it signed a memorandum of understanding with the Hanoi People’s Committee to explore the development of a trade center complex in the capital.

Meanwhile, Malaysian businessman Vincent Tan has expressed interest in Van Thinh Phat Group’s 26-hectare 6A residential project in Ho Chi Minh City’s Binh Chanh District.

Should the investment procedures be finalized, Lan could potentially secure VND20 trillion ($786.6 million) to compensate victims affected by her legal violations.

Vincent Tan is the founder of Berjaya Corporation, one of Malaysia's largest conglomerates.

In 2023, he transitioned from his role as chairman of the corporation to serve as an advisor to its board, according to information on the firm’s website.

He is now chairman of Berjaya Hills Resort Berhad and U Mobile Sdn Bhd, Berjaya Corporation’s 2024 report showed.

He also serves as the CEO of STM Lottery Sdn. Bhd. and holds directorships in several subsidiaries of Berjaya Corporation and his private companies.

Berjaya operates in various sectors but focuses on property development. The firm has invested in Japan, Vietnam, and China.

Its total assets exceeded $4.7 billion as of the end of the 2023 fiscal year, according to Berjaya’s financial report.

Data from Forbes indicated that Vincent Tan was a U.S. dollar billionaire in six years, from 2010 to 2016.

By April 2024, his net worth totaled $730 million, making him among the 50 richest people in Malaysia.

Vincent Tan is well known in Vietnam as he owns many property projects in the country.

Nguyen Hoai Nam, CEO of Berjaya Vietnam, an arm of Berjaya Corporation, was nominated to the board of directors of Vincom Retail JSC for the 2023-28 tenure.

In April, Lan was sentenced to death in a trial after being found guilty of embezzlement, bribery, and violations of banking rules.

In October, she received a life sentence for financial fraud charges in another trial.

She was found guilty of obtaining property by fraud, money laundering, and illegal cross-border money transfers.

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