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Investors in Vietnam airport case claim no fraud, refuse compensation
๐Ÿ‡ป๐Ÿ‡ณ Vietnam /Energy & Infrastructure

Investors in Vietnam airport case claim no fraud, refuse compensation

From Thanh Niรชn · () Vietnamese

Translated from Vietnamese, summarized and contextualized by DistantNews.

At a glance

News Named sources In the courts
  • Hundreds of investors in a Nha Trang airport project claim they were not defrauded and do not seek compensation.
  • They argue that the developer, Nguyen Van Hau, did not act with deceit and that contracts were based on a real project.
  • Prosecutors maintain Hau committed fraud by collecting funds for a project that lacked proper authorization, demanding restitution.

In a striking turn of events at the Central Military Court, hundreds of investors involved in the Nha Trang airport project are actively asserting they were not victims of fraud and are refusing compensation. This stance directly contradicts the prosecution's case, which accuses former Phuc Son Group Chairman Nguyen Van Hau of defrauding investors of over 7 trillion Vietnamese dong.

The investors argue that Hau lacked any deceitful intent. They contend that their contracts were based on a genuine project and were conducted transparently, without violating any prohibitions. They also claim that the funds collected were invested in infrastructure and land clearance costs, not for personal enrichment. "Phuc Son Group must fulfill its obligations and hand over the land to customers," stated a representative for over 150 investors, emphasizing their agreements were with the company, not Hau personally.

Phuc Son Group must fulfill its obligations and hand over the land to customers.

โ€” Representative for over 150 investorsDuring the trial, a representative for hundreds of investors stated their position that the company, not the individual defendant, is responsible for project completion.

Lawyers representing the investors proposed they be recognized as third parties rather than victims. They highlighted that investors relied on official land allocation and planning decisions, bearing official seals, which gave them full confidence. The investors also pointed out that if Hau's actions constituted embezzlement rather than fraud, he would be responsible for rectifying company finances, not compensating customers. They further noted that land values have increased at least fivefold over the decade since their initial purchases, making Hau's restitution of the original sum, while the project continues, a significant disadvantage.

However, the prosecution countered that the land in question was not a legitimate project, questioning why provincial leaders involved were imprisoned if it were. The prosecutor insisted Hau committed fraud, knowing the land had only preliminary approval and lacked land recovery and allocation decisions. Hau allegedly directed staff to market the project as fully legal to secure funds, thus invalidating the civil transactions and necessitating his liability for restitution.

If it were a project, why would provincial leaders have to go to jail?

โ€” Prosecution representativeThe prosecution used this rhetorical question to argue against the legitimacy of the land designated for the airport project.
DistantNews Editorial

Originally published by Thanh Niรชn in Vietnamese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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