Corredance has a 40% equity interest in the project company, Empire City, which it acquired for US$93.9 million or $131.6 million at the time.
In late 2025, Empire City was informed that it had to pay additional land use fees of some VND6.877 trillion (US$261 million or $333.3 million) for the land plots. Keppel says it has lodged formal requests with the relevant authorities to reconsider and amend the decisions, which remain pending.
Corredance is seeking to hold the respondents fully liable for the additional land use fees and is claiming indemnity for any resulting losses.
Keppel adds that the investment in Empire City is expected to remain profitable based on the carrying cost of the land plots, although it will see lower overall returns if the additional fees are not fully borne by the respondents.
See also: MoneyMax taps pawnbroking and timeless gold to provide value across generations
Shares in Keppel closed at $11.55 on April 24.
