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Former Vinashin executives in court

Update: August, 29/2012 - 10:35

HA NOI — The Supreme People's Court opened a three-day hearing to consider the appeals of eight out of the nine defendants who were sentenced for intentionally violating the State's economic management regulations, causing serious consequences.

On the first day, the judgement board chaired by judge Dao Thi Nga, deputy chief judge of the appeal court of the Supreme People's Court, briefed the earlier indictment decided by the Hai Phong City people's Court in March.

Among the eight is Pham Thanh Binh, former Vinashin chairman, who has been sentenced to 20 years in prison.

Others have received imprisonment sentences ranging from 16 to 19 years. They include Tran Van Liem, former head of Vinashin's Supervision Committee and former general director of Vien Duong Vinashin (Vinashin Lines); To Nghiem, former chairman of Cai Lan Shipping Industry One-Member Co. Ltd. and former general director of Hai Ha Economic Zone Development Investment Joint Stock Company and Nguyen Van Tuyen, former director of Hoang Anh Shipping Industry Joint Stock Company.

The remaining four have been sentenced to between 10 and 14 years. They include: Hoang Gia Hiep, former deputy general director of Vinashin Finance One-member Co. Ltd and former director of Shipping Industry Finance Leasing Company; Trinh Thi Hau, former general director of Vinashin Finance One-member Co. Ltd.; Tran Quang Vu, former general director of Vinashin, former general director of Nam Trieu Company and Do Dinh Con, former deputy general director of Hoang Anh Shipping Industry Joint Stock Company.

These defendants had to compensate a total amount of more than VND1.1 trillion (US$52 million) in which Binh had to pay the largest compensation of VND555 billion ($26 million).

According to the indictment, Binh and his accomplices abused their rights and violated state laws and regulations on investment, management and use of State capital in the purchase of the Hoa Sen Ship, the Red River thermal power plant project in Nam Dinh Province,the Cai Lan diesel thermal power plant in Quang Ninh Province; the investment project of Binh Dinh Star Ship and the sale of the Bach Dang Giang Vessel.

All these violations caused a total loss to the state budget of hundreds of billions of dong. — VNS

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