Former Vinashin chief gets 20 year prison sentence

Vietnamese state controlled media report that Pham Thanh Binh, 59, former chairman of the Vietnam Shipbuilding Industry Corporation (Vinashin), has been sentenced to 20 years in prison for “intentionally violating economic management regulations, which causes serious consequences” during his time at the giant shipbuilder.

Eight other former executives of Vinashin Group companies accomplices also received prison terms:

• Tran Van Liem, 57, former head of Vinashin’s Supervisory Committee; former general director of Vien Duong Company: 19 years
• To Nghiem, 53, former chairman of Cai Lan Shipping Industry: 18 years
• Nguyen Van Tuyen, 50, former director of Hoang Anh Shipping Industry Joint Stock Company: 16 years
• Trinh Thi Hau, 48, former deputy general director of Vinashin Finance: 14 years
• Hoang Gia Hiep, 40, former deputy general director of Vinashin Finance and former director of Shipping Industry Finance Leasing Company: 13 years
• Tran Quang Vu, 54, former general director of Vinashin, former general director of Nam Trieu Company: 11 years
• Do Dinh Con, 50, former chief accountant and deputy general director of Hoang Anh Shipping Industry Joint Stock Company: 10 years
• Nguyen Tuan Duong, 46, former chairman of Cuu Long Investment Joint Stock Company: 3 years

The nine offenders will also have to pay compensation worth as much as hundreds of billions of Vietnamese dong.

Vinashin, a state-owned company founded in 1996, came to the verge of bankruptcy in 2009 after accumulating a debt of over $4.11 billion. It has since been restructured by the Vietnamese government.

March 30, 2012