Owners of $11.5-mln abandoned dock identified
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A subsidiary of beleaguered Vinalines is one of three shareholders of the company that has purchased and left the US$11.5 million floating dock dormant in Cam Ranh Bay over the last four years, according to the Khanh Hoa Department of Planning and Investment.
The Venture Dock 2 is seen on Cam Ranh Bay Photo: Tuoi Tre
>> $11.5-mln floating dock left rusted in Cam Ranh
Vinashin Cam Ranh holds a 10 percent stake in the joint-venture Nam Viet Maritime Service JSC, which was licensed for operation on March 19, 2009 with total registered capital worth VND120 billion.
The other two shareholders are the Vinashin Petroleum Investment and Transport JSC, or Shinpetrol, which has been transferred into the Viet Hai Shipping and Real Properties Corporation (VSP); and an individual who holds a 10 percent stake.
In 2010 Nam Viet Co sought permission from the provincial People’s Committee for its implementation of the Cam Ranh ship repairing project with an investment of VND294 million.
The project included the purchase of the Venture Dock 2 floating dock, which was built in 1999 by Indonesia-based P.T Naninda Mutiara-Batam shipyard.
However, the people’s committee turned down the proposal due to worries over pollution, which put an end to the project.
The Venture Dock 2 was imported to Vietnam by Long Son Co, who later sold the facility to Nam Viet Co under a $15.5 million deal.
The ill-fated equipment has been sitting on Cam Ranh Bay since August 2008, and is now rusted and severely deteriorated with several broken down parts.
According to a source close to Tuoi Tre, the contract stipulates that Long Son Co is to be held responsible legally for the floating dock.
Vo Huu Thang, deputy head of the supervising team of Khanh Hoa Customs Agency, said the deal in which the floating dock was sold is under inspection.
“If Long Son Co did sell the floating dock to Nam Viet Co, it will be deemed an illegal deal,” he said.