VietJet’s billionaire founder sued in Singapore over 4 leased planes worth over US$200 million

VIETJET Aviation and its founder are among 11 parties that are being sued in Singapore over allegedly conspiring to block the release of four leased planes worth about US$200 million.

FW Aviation (Holdings) 1, which is the beneficial owner of the planes, has accused Nguyen Thi Phuong Thao of conspiring with several VietJet executives and two Singapore incorporated companies – Silva Star Capital and Polar Star Capital – to thwart a repossession attempt.

The 53-year-old Thao was Vietnam’s first female billionaire to be recognised by Forbes, with a net worth of US$2.2 billion as at Oct 23. She launched the Vietnamese low-cost carrier VietJet Air in 2011.