Hanoi: Former Vietnam Shipbuilding Industry Group (Vinashin) chairman Pham Thanh Binh has been arrested for alleged wrongdoing that brought the shipbuilder to the brink of bankruptcy.
Binh who was suspended by the Vietnamese government last month was arrested on Wednesday in Hanoi.
According to local press he was arrested for, "Intentionally violating the State's regulations on economic management, causing serious consequences." Vinashin has debts of over $4bn and faced major delivery delay and cancellation woes. [05/08/10]