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Former Vinashin boss faces criminal investigation

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]