Former Vinashin executives may face prison time

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Báo Dân Trí English - 30 month(s) ago 12 readings

Former Vinashin executives may face prison time

The Supreme People’s Procuracy proposed that former chairman of Vietnam's troubled shipbuilder Vinashin be sentenced to 19 - 20 years in prison.

The Supreme People’s Procuracy proposed that former chairman of Vietnam's troubled shipbuilder Vinashin be sentenced to 19 - 20 years in prison.

Binh and alleged accomplices face the court

The procuracy also recommended that the other offenders should serve between 3 and 18 years.

The agency found that, Pham Thanh Binh, former Chairman of Vinashin, was guilty of violating business law and Government guidelines. He was also held responsible for bad investment decisions, which were unintentional but had serious financial consequences.

He was found to be responsible for a string of bad investment decisions, including the purchase of the ship, Hoa Sen, which caused losses of over VND469.5 billion (USD22.5 million), and his decision to invest in the Song Hong thermal power project, resulting in a loss of VND316.5 billion (USD15.17 million). The company's involvement with the Cai Lan diesel-fuelled thermal power project resulted in a loss of VND66.5 billion (USD3.18 million).

Even after becoming aware of his unsound decisions, Binh continued to try to garner support for them among other high-ranking employees of the company, including Tran Van Liem and Trinh Thi Hau, driving the already troubled company further into debt, according to the agency.

The procuracy recommended that the jury sentence Binh to from 19 to 20-year imprisonment for “intentionally violating State regulations on business practices, causing serious consequences."

Three offenders, Tran Van Liem, the former head of Vinashin's Supervisory Committee; To Nghiem, former Chairman of Cai Lan Shipping Industry One-Member Co. Ltd. and former general director of Hai Ha Economic Zone Development Investment JSC; and Nguyen Van Tuyen, the former Director of Hoang Anh Shipping Industry JSC may be sentenced from 17 to 18 years each.

Trinh Thi Hau, former Deputy General Director of Vinashin Finance One-member Co. Ltd. may face between 13 and 14 years in prison. Hoang Gia Hiep, former Deputy General Director of Vinashin Finance One-member Co. Ltd., and former Director of Shipping Industry Finance Leasing Company, may get between 12 and 13 years in jail.

Tran Quang Vu, Vinashin’s former general director, and Do Dinh Con, former Deputy General Director of Hoang Anh Shipping Industry JSC may face a sentence of between 11 and 12 years each. Nguyen Tuan Duong, former Chairman of Cuu Long Investment Joint Stock Company, was recommended a 'lenient' term of 3 to 4 years.

In addition to criminal penalties, it was also recommended that Binh, Liem, Hiep, and Hau compensate Vien Duong Company a combined VND650 billion (USD31.16 million).

The others involved with the Vinashin scandal may also have to make financial compensations. Binh, Tuyen, and Con would be responsible for VND23 billion (USD1.1 million) for Hoang Anh Limited Company, while Vu may have to return over VND18 billion (USD862,895) for Nam Trieu Company. Duong may have to reimburse more than VND20 billion (USD958,772) for Cuu Long Company.

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