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Keppel Unit Starts Arbitration vs Vietnam JV Partners Over Land Use Fees

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Keppel's (SGX:BN4) subsidiary, Corredance, started an arbitration against its three partners in a Vietnamese joint venture over land fees, according to a Monday filing with the Singapore Exchange.

Corredance is seeking declarations that Denver Power, Tien Phuoc Real Estate Joint Stock Company, and Tran Thai Lands, not the company, are fully liable for about 6.877 trillion dong of additional land use fees that the authorities have imposed on their joint venture by the end of 2025.

The joint venture was established for constructing, developing and operating residential and mixed-use developments in Ho Chi Minh. It is 40% owned by Corredance.

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