Society

Ex-Vinashin execs get up to 20 years in prison

On March 30 the People’s Court in the northern port city of Hai Phong handed out prison sentences to nine former executives of the National Shipbuilding Industry Group (Vinashin) for “intentionally violating State regulations on economic management, causing serious consequences”.
On March 30 the People’s Court in the northern port city of Hai Phonghanded out prison sentences to nine former executives of the NationalShipbuilding Industry Group (Vinashin) for “intentionally violatingState regulations on economic management, causing serious consequences”.

Former CEO of Vinashin Pham Thanh Binh, was sentenced 20 years while theeight other former executives received sentences ranging from three to19 years.

Pham Thanh Binh and Tran Van Liem havealso been fined almost 493 billion VND in damages, while the other sevendefendants have to pay a total of 109 billion VND between them.

The jury said that Binh and his accomplices disregarded State laws andregulations on investment, management and use of State capital, in thepurchase of the ship Hoa Sen. Other projects included the investment inthe construction of the Song Hong thermal power station in Nam Dinhprovince; the Cai Lan diesel run power station in Quang Ninh province;the sale of the ship Bach Dang Giang and the leasing of the ship BinhDinh Star.

Vinashin was first established in1996 to develop the country's shipbuilding industry but began toencounter financial problems in 2009. The Government later introducedreforms to get the embattled shipbuilder back on the right track.-VNA
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