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Vinashin boss facing punishment for bankruptcy brink

Vinashin boss facing punishment for bankruptcy brink

Hanoi: Vietnam Shipbuilding Industry Group, chairman Pham Thanh Binh, is facing punishment from the government for bringing the state-owned company to the brink of bankruptcy. From being a major success story breaking into international shipbuilding, Vinashin's rapid expansion and resulting shaky financial state has led to strong criticism from the ruling Vietnamese Communist Party. The Communist Party's central committee's commission of inspection concluded that his wrongdoings called for disciplinary actions as he had been irresponsible in the mobilisation, management and use of the state capital, pushing Vinashin to the brink of bankruptcy, local press reported. It decided to start the process of criticizing and punishing towards Binh. At the same time, the commission asked the government to inquire into the responsibility of related ministries and agencies for Vinashin's violations. Vinashin has debts of at least 80trn dong ($4.3bn) [07/07/10]

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