(VOV) - 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).
Ex-Vinashin executives stand trial
Former CEO of Vinashin Pham Thanh Binh, was sentenced 20 years, while the eight other former executives received sentences ranging from three to 19 years.
Pham Thanh Binh and Tran Van Liem have also been fined almost VND493 billion in damages, while the other seven defendants have to pay a total of VND109 billion between them.
Vinashin was first established in 1996 to develop the country's shipbuilding industry, but began to encounter financial problems in 2009. The Government later introduced reforms to get the embattled shipbuilder back on the right track.