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Vinashin’s executive and 8 accomplices prosecuted

Sunday, 20 November 2011 | 00:00
58 year-old Nguyen Thanh Binh, former chairman and general director of state-owned Vietnam Shipbuilding Industry Corporation (Vinashin) and his accomplices have been indicted for “intentionally acting against the state’s economic management regulations and causing serious consequences.”
The Supreme People’s Procuracy yesterday announced the indictment against Binh and 8 other former officials at Vinashin and its affiliates who had been found causing a total loss of more than VND910 billion (US$43.3 million) to the state budget.
Binh’s accomplices are:
-- Tran Van Liem, 56, former head of Vinashin Supervision Committee;
-- Nguyen Van Tuyen, 49, former director of Hoang Anh Investment Joint Stock Company;
-- Nguyen Tuan Duong, 45, former chairman of Cuu Long Investment Joint Stock Company;
-- To Nghiem, 52, former chairman of Cai Lan Shipping Industry One-member Co., Ltd. and former general director of Hai Ha Economic Zone Development Investment Joint Stock Company;
-- Trinh Thi Hau, 47, former general director of Vinashin Finance One-member Co., Ltd;
-- Hoang Gia Hiep, 39, former vice general director of Vinashin Finance One-member Co., Ltd, and former director of Shipping Industry Finance Leasing Company;
-- Tran Quang Vu, 53, former general director of Vinashin; and
-- Do Dinh Con, 49, former deputy general director of Hoang Anh Investment Joint Stock Company.
The Hai Phong Province People’s Court would hear the case in the coming time, the prosecutor’s office said.
According to the indictment, the government, with a view to developing the shipbuilding industry, had issued international bonds to mobilize capital and used part of it as loans to Vinashin and had also guaranteed the group’s issue of bonds for capital mobilization, but Binh and his accomplices had abused their power and positions in using that capital in five projects, causing the loss.
In the 1998-2009 period, Binh personally caused a total loss of VND852 in 3 of the projects, the indictment said.
One of them was the purchase of the used Cartour ship from Italy for 60 million euros ($83.4 million) which was later used as a passenger boat named Hoa Sen (Lotus). The purchase cost a total VND470 billion.
The second was the investment in the Hong River Thermal-power Plant that later caused a loss of VND316 billion, and the third was another investment in the Cai Lan Diesel Thermal-power Plant that resulted in a waste of VND66.5 billion.
Regarding financial violations by the group in granting capital to Hoang Anh Vinashin Co. and Cuu Long Investment Co., the Ministry of Public Security’s investigation agency said the defendants involved would be tried for embezzlement in a separate case.
The investigators also said they were investigating the group’s grants of loans in wrong procedures and schedules to the Binh Dinh Star Ship project and some other projects that had used the capital from the government’s international bonds.
The police are now hunting for 2 other Vinashin officials who have involved in the case but have fled: Ho Ngoc Tung, 53, former general director of Vinashin Finance One-member Co., Ltd, and Giang Kim Dat, 34, former business manager of Vinashin Ocean Shipping Company.
Source: Tuoi Tre
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