Vietnam Shipbuilding Executives Appeal Against Jail Sentences

Tuoitrenews
Tuesday, August 28, 2012

Vinashin Shipbuilding Industry Corp. ex-officials in appeal against sentences for losses to the state budget of VND910 billion (US$43.5-million).

Shipbuilding giant Vinashin, a state-owned company founded in 1996, came to the verge of bankruptcy in 2009 after accumulating an enormous debt of over $4.11 billion. The government later introduced reforms to get the embattled shipbuilder back on track.

The Supreme People’s Court opened the hearing to consider the appeals of eight out of the nine defendants who had been sentenced by the Hai Phong city people’s Court in March for “intentionally violating the State’s economic management regulations, which causes serious consequences”.



Among the eight is Pham Thanh Binh, former Vinashin chairman, 59, who has been sentenced to 20 years in prison. 

The others have received sentences ranging from 10 and 19 years imprisonment.

According to the indictment, Binh and his accomplices disregarded State laws and regulations on investment, management and use of State capital, causing a loss of VND469.5 billion in the purchase of the ship Hoa Sen ; VND316.5 billion in the Red River thermal power plant project in Nam Dinh Province; VND66.5 billion in the Cai Lan diesel thermal power plant in Quang Ninh province; VND30.4 billion in the financial lease of ship Binh Dinh Star ; and VND27.3 billion in the sale of the Bach Dang Giang vessel.


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Statoil’s 50 years to be Recorded

Statoil has decided to launch a large project to write the story about the company for its 50th anniversary in 2022. The University of Oslo has been chosen the

MISC Publishes its 2015 Sustainability Report

MISC Berhad (MISC) today announces the publication of its 2015 Sustainability Report, covering the Company’s commitment, strategy and performance for the year ended

Vandermeiren is CEO, Antwerp Port

Jacques Vandermeiren (52) has been appointed CEO of Antwerp Port Authority as of 1 January 2017. He succeeds Eddy Bruyninckx who after 25 years at the head of the

Shipbuilding

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0710 sec (14 req/sec)