Nguyễn Ngọc Sự, 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 Hà Nội on Wednesday. — VNA/VNS Photo  Văn Điệp

HÀ NỘI — The Hà Nội People’s Court on Wednesday sentenced four former leaders of State-run Vietnam Shipping Industry Corporation (Vinashin), now the Shipbuilding Industry Corporation (SBIC) for abusing their positions and power to appropriate assets at the first instance trial in Hà Nội.

Nguyễn Ngọc Sự, former chairman of Vinashin’s member council was given 13 years in jail.

Trần Đức Chính, ex-chief accountant, was sentenced 17 years in jail while former general director Trương Văn Tuyến and former deputy general director Phạm Thanh Sơn 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.

Chính and Sơn 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 VNĐ2.2 trillion (US$94.8 million) from the Vietnam National Oil and Gas Group and VNĐ4.19 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 VNĐ104 trillion (US$4.45 billion) and some $181 million with OceanBank.
From March 2011 to August 2014, Chính received more than VNĐ105 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 VNĐ8 billion himself. Authorised by Tuyến, Chính also signed many deposit contracts at OceanBank and appropriated VNĐ10 billion, while Tuyến pocketed VNĐ3.5 billion and Sơn bagged VNĐ1.2 billion. — VNS