by MARK VIALES
The Gibraltar Government’s sale of the Eastside reclamation and other major plots of land to the TNG Global Foundation will likely increase investment in elite property developments.
The foundation is owned by a wealthy Vietnamese businessman who bought out the previous Danish owners of Jyske Bank in 2020 with an ‘undisclosed’ deal and renamed it Trusted Novus Bank. Tuan Tran, who has already set up at least three companies in Gibraltar (Trusted Novus Bank, TNG Global Foundation and Rooke Investments Ltd), is renowned in the glittering high society property world, amongst other things.
“Tran is a prominent businessman with extensive experience and engagements in real estate, retail and financial services in Vietnam and other countries in the world,” a statement from Jyske Bank described the Asian entrepreneur when the takeover was announced.