Vinashin ex-leaders prosecuted for abusing position

Nguyen Ngoc Su, former chairman of State-run Vietnam Shipping Industry Corporation (Vinashin)’s member council was sentenced 13 years in jail at the first instance court in Hanoi on Wednesday. - VNA/VNS Photo Van Diep

Nguyen Ngoc Su, former chairman of Vinashin’s member council was given 13 years in jail.

Tran Duc Chinh, ex-chief accountant, was sentenced 17 years in jail while former general director Truong Van Tuyen and former deputy general director Pham Thanh Son were jailed for seven and six years, respectively.

In addition to prison sentence, the court also requested the defendants to pay back the money they illegally appropriated.

Chinh and Son were banned to undertake management positions in State-owned enterprises for three years after their sentences. From 2008 to 2010, Vinashin, now known as the Shipbuilding Industry Corporation, encountered many difficulties and was on the verge of bankruptcy, prompting the Party and State to restructure the group.

Vinashin received VND2.2 trillion (US$94.8 million) from the Vietnam National Oil and Gas Group and VND4.19 trillion from the Central Corporate Restructuring and Supporting Fund.

According to the indictment, the four defendants agreed to make fixed-term deposits at OceanBank to gain extra interest that was not stated in deposit contracts. Investigators found that from 2010 to June 2014, Vinashin made more than 2,300 fixed-term deposit contracts involving nearly VND104 trillion (US$4.45 billion) and some $181 million with OceanBank. From March 2011 to August 2014, Chính received more than VND105 billion ($4.5 million) in extra interest from OceanBank. As agreed by the four, Chinh was assigned to receive and manage the extra interest to use for the firm’s activities and divide up the money among them. Sự initiated the depositing, signed 12 deposit contracts and gained VND8 billion himself. Authorised by Tuyen, Chính also signed many deposit contracts at OceanBank and appropriated VND10 billion, while Tuyen pocketed VND3.5 billion and Son bagged VND1.2 billion.