Harbinger Capital Partners has issued a statement reaffirming its commitment to the Ho Tram Strip project in Vietnam, and denying media reports out of Wall Street that 90% of the investment firm’s assets are tied up in an as yet unbuilt wireless telecom system.
Harbinger said less than half its assets were allocated to the wireless technology project, adding that some recently reported redemptions sought by investors in relation to the wireless project did not pose issues for Harbinger’s financial sponsorship of Asian Coast Development Ltd, the company behind the Ho Tram scheme. A spokesperson said multiple Harbinger funds are invested in and provide financial support for ACDL and that the Ho Tram project and Harbinger has substantial spare liquidity.
A spokesperson for Harbinger stated: “Harbinger re-affirms its steadfast support for ACDL and the Ho Tram project in Vietnam. We believe the Ho Tram project is one of the most exciting and promising integrated resort developments in the world today and the most promising new development in all of Asia. Harbinger is excited by the recent acceleration of activity on the Ho Tram construction site and looks forward to providing further ongoing support, including substantial financial support, as the project continues to advance and achieve major milestones.”
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