Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Former Vinashin boss faces criminal investigation

Hanoi: Former Vietnam Shipbuilding Industry Group (Vinashin) chairman Pham Thanh Binh is facing criminal investigations of the near financial collapse of the state shipyard group.

In a statement released by the Communist Party Inspection Committee on Monday it had discovered evidence of criminal violations by the former chairman of Vinashin, Vietnam News Agency reported.

"Pham Thanh Binh's violations were caused by the lack of a sense of responsibility, intentionally breaking the law with signs of self-interest, causing serious political, economic and social consequences. For many years, Vinashin didn't truthfully report its financial situation to the government. The aftermath of

Pham Thanh Binh's mistakes and violations is risk of bankruptcy, causing heavy losses to the State," the committee said.
Vinashin is undergoing restructuring and laden down with $4bn of debt.  [14/07/10]

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish