The Police Investigation Agency, Ministry of Public Security has initiated a criminal case and temporarily detained Mr. Nguyen Van Hau (also known as “Hau Phao”), Chairman of the Board of Phuc Son Group Joint Stock Company, for violation of accounting regulations resulting in serious consequences.
This is the result after the Ministry of Public Security investigated the case of violation of accounting regulations resulting in serious consequences at Phuc Son Group Joint Stock Company, Thang Long Investment and Trading Joint Stock Company, and related units.
Nguyen Van Hau. (Photo: Ministry of Public Security)
According to the survey of PV, Nguyen Van Hau, also known as “Hau Phao” (born in 1981, living in Bo De ward, Long Bien district, Hanoi). Hau’s hometown is in Vinh Tuong district, Vinh Phuc province. In 2004, Hau founded Phuc Son Group Joint Stock Company, formerly known as Phuc Son Trading and Construction Limited Liability Company, primarily operating in the real estate and construction business.
At the time of establishment, the group’s charter capital was at VND 129.8 billion. The founding shareholders included Mr. Nguyen Van Hau (contributing VND 109.8 billion, equivalent to 84.6% of capital), Ms. Ngo Thi Thanh Van (contributing VND 15 billion, equivalent to 11.5% of capital), and Mr. Nguyen Thanh Tung (contributing VND 5 billion, equivalent to 3.9% of capital).
In January 2015, the enterprise increased its charter capital to VND 500 billion, with a legal capital of VND 6,000 billion. Specifically, Mr. Hau contributed VND 480 billion, increasing his ownership to 96%. The capital contributions of the other 2 shareholders remained unchanged.
Then in November 2015, the group continued to increase its capital to VND 1,500 billion, with Mr. Hau contributing VND 1,480 billion. In February 2017, the company registered to increase its capital to VND 2,000 billion, with Mr. Hau contributing VND 1,980 billion (99% of the charter capital).
Despite being newly established, Phuc Son Group Joint Stock Company is the main contractor for a series of projects with total investment reaching billions of VND throughout the country.
In 2016, Hau’s company spent VND 1,500 billion on constructing the Thien An Vien Cemetery in Vinh Phuc, which is a regional project. Some of the projects implemented by this unit include the Phuc Son Commercial Center and Residential Area in Vinh Tuong district, Vinh Phuc province, covering an area of 130 hectares, which has attracted attention locally.
In Vinh Tuong, Phuc Son Group won the bid for the investment and upgrade of the dyke system along the Hong River. This project has been invested from the state budget and approved by the Vinh Phuc Provincial People’s Committee since 2010, with a implementation period of 5 years (2010-2015). The investment project includes renovating and upgrading the dyke system along the Hong River, combined with a 28km long road, including 17km through Vinh Tuong and 11km through Yen Lac district, the section through Vinh Tuong. The total investment of the project is over VND 1,500 billion. Among them, 70% of the investment is from the Central Budget, and the remaining 30% is from the Provincial Budget, with the People’s Committee of Vinh Tuong district as the investor.
In addition, in 2019, Mr. Hau’s company completed the transfer of the Vinh Tuong Wholesale Market Project from Song Hong Thang Long Investment Construction Joint Stock Company. The project has an area of 186.49 hectares, with a total investment of VND 2,290 billion.
In early 2019, Phuc Son Group was also appointed by the People’s Committee of Vinh Phuc province as the investor for the construction and business infrastructure investment project of the Tho Tang – Lung Hoa Industrial Cluster, Vinh Tuong district, with a scale of nearly 36 hectares. The total investment for infrastructure construction of the project is estimated at VND 427 billion.
In addition, Phuc Son has also implemented residential projects for low-income people, such as a 15-story residential area in Vinh Yen and the Phu Dong urban area project on both sides of Phu Dong Street (Viet Tri, Phu Tho province) with a scale of 149 hectares. In Nha Trang, Phuc Son Group invested in the Nha Trang Commercial, Service, Finance, and Tourism Center project, built on the land of the old Nha Trang airport.
