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

Legal

Evergreen Holding Group May Miss Bond Payment

Evergreen Holding Group, an unlisted company that specialises in building boats, issued a warning on Friday that it may have trouble making coupon and interest payments on a bond maturing on May 15.

BSEE, USCG on Sharing Information, Jt Ops

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion

Yilport Acquires Sweden's Gavle Terminal

Turkish terminal operator Yilport Holding has gained full control of Gävle’s terminals.   Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG).

Shipbuilding

Eastern Delivers 63rd Towboat for Florida Marine

Eastern Shipbuilding Group, Inc. delivered the M/V Lawrence Campbell (Hull 193) on April 12, 2016, the 63rd 90-foot inland towboat to Florida Marine Transporters, LLC of Mandeville, La.

Two New Tugs Built for TNPA

The South African government’s Operation Phakisa: Oceans Economy initiative has yielded more results with the ceremonial launch of two more tugboats built for

UK Ship Named for BBC Naturalist, but Boaty McBoatface Lives On

A new 200 million pound ($290 million) polar research ship is to be named after veteran BBC naturalist David Attenborough but the government promised on Friday that "Boaty McBoatface",

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.0777 sec (13 req/sec)