On June 29, the Central Military Court opened the appeals trial for the case involving Phuc Son Group. Of the 385 victims summoned to clarify their wishes, 150 were present.

These individuals had paid to purchase land lots at the former Nha Trang airport area – a national defense plot illegally handed over to Phuc Son Group. According to the first-instance verdict, despite the project lacking sufficient legal conditions, Phuc Son still advertised, subdivided, and sold land to thousands of people, collecting over 7,000 billion VND.

Nguyen Van Hau (Hau "Phao") was sentenced to 11 years in prison by the first-instance court for fraud and appropriation of property.

Phuc Son Chairman Nguyen Van Hau in court. Photo: Danh Lam

Commitment to fully repay over 7,000 billion VND in 90 days

During the first-instance trial, a Hanoi businessman proposed to buy Phuc Son's shares to compensate the victims for over 7,000 billion VND on Hau's behalf. At that time, Hau also hoped the court would accept this proposal.

However, at the appeals trial, Hau stated that the agreement failed, so he would directly remedy the consequences, not through an intermediary or an authorized person.

Initially, Hau committed to completing the compensation within 9 months, but in court, he reduced the period to 90 days.

According to Hau, the company has so far worked with nearly 80 customers and paid nearly 1,600 billion VND. For the remaining over 5,000 billion VND, the defendant stated he is mobilizing funds from friends, partners, and other resources.

Hau stated that he alone decided how the entire sum was used, so he would take full responsibility. The defendant urged investors to remain calm, affirming he would fully remedy the consequences within 90 days as committed.

Hau also stated that if the State later decides to allocate or lease the land, customers would work directly with the competent authority, and Phuc Son Company would not derive any benefits from that land portion.

Victims want land, not money

At the trial, the victims presented various proposals, all aiming to secure their highest interests.

Some individuals proposed that Phuc Son return the full amount paid, along with accrued interest due to capital misappropriation since 2018. According to them, "one billion VND from 2018 cannot still be one billion VND after eight years".

Many other victims hoped the project would continue. They argued they were legitimate investors, and their money had been invested in the project, not misappropriated.

Therefore, this group requested the court not to classify them as victims in the criminal case to prevent contracts from being invalidated, and to allow Phuc Son Company to continue fulfilling its signed commitments.

If the project cannot proceed, they proposed that compensation should be based on current market land prices or the actual value of the land.

According to the first-instance verdict, the trial panel seized 2,148 real estate properties belonging to Nguyen Van Hau, along with many other assets, to ensure enforcement of the judgment.

The trial is ongoing.

>>See current land status

Thanh Lam