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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Shipbuilding

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

Lilaas Engages Imtra for N. American Distribution

Strong prospects in the North American marine equipment market have triggered a new importation and distribution agreement between control specialist Lilaas

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1122 sec (9 req/sec)