Vinashin executives to appear in court hearing

Former chairman and general director of Vietnam's troubled shipbuilder Vinashin, Pham Thanh Binh, and eight other officials are finally facing prosecution, the Supreme People's Procuracy said yesterday.

Binh, 58, and the others at the Viet Nam Shipbuilding Industry Corporation and its affiliates have been indicted for "intentionally violating the State's regulations on economic management, causing serious consequences".

The nine are alleged to have caused a total loss of more than VND910 billion (US$73.3 million) to the State budget, the procuracy said.

Binh's alleged accomplices are Tran Van Liem, former head of Vinashin Supervision Committee; Nguyen Van Tuyen, former director of Hoang Anh Shipping Industry Joint Stock Company; Trinh Thi Hau, former deputy general director of Vinashin Finance One-member Co. Ltd; Do Dinh Con, former deputy general director of Hoang Anh Shipping Industry Joint Stock Company; To Nghiem, 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; Nguyen Tuan Duong, former chairman of Cuu Long Investment Joint Stock Company; Hoang Gia Hiep, former deputy general director of Vinashin Finance One-member Co. Ltd and former director of Shipping Industry Finance Leasing Company; and Tran Quang Vu, former general director of Vinashin.

Two other Vinashin officials involved in the case fled the country and are being internationally hunted by police. They are Ho Ngoc Tung, former general director of Vinashin Finance One-member Co. Ltd; and Giang Kim Dat, 34, former business manager of Vinashin Ocean Shipping Company.

According to the indictment, Binh and his accomplices abused their power and positions to illegally use capital from international bonds issued by the Government in five of its projects.

The case will be soon brought to court.

Vinashin was established in 1996 to develop the country's shipbuilding industry, but developed financial problems in 2009.

The Government later set-up reforms to try and get the embattled shipbuilder back on track. A steering committee for Vinashin's restructuring was established. Some of Vinashin's former projects and businesses were transferred to PetroVietnam and the Vietnam National Shipping Lines Group.