The Ministry of Public Security has proposed formal charges against four former executives of Vietnam Shipbuilding Industry Group (Vinashin) for abusing their positions and power to appropriate assets. 

The executives are former chairman of Vinashin’s member council Nguyen Ngoc Su, former general director Truong Van Tuyen, former deputy general director Pham Thanh Son and ex-chief accountant Tran Duc Chinh, Thanh Nien Online newspaper reported.

Former chairman of Vinashin’s member council Nguyen Ngoc Su - PHOTO: THE MINISTRY OF PUBLIC SECURITY

During the second phase investigation of Ocean Bank’s former chairman Ha Van Tham and his accomplices in an embezzlement case, investigators from the ministry found that Su had appropriated VND8 billion; Tuyen, VND3.5 billion; Son, VND1.2 billion; and Chinh, VND10 billion.

From 2008 to 2010, Vinashin, now known as Shipbuilding Industry Corporation, encountered many difficulties and was on the verge of bankruptcy, prompting the Party and the State to adopt measures to restructure the group. Accordingly, Vinashin received VND2.2 trillion (US$94.8 million) from Vietnam National Oil and Gas Group and VND4.19 trillion from the Central Corporate Restructuring and Supporting Fund.

The group later deposited VND109.9 trillion and nearly US$181.8 million in the Thang Long branch of Ocean Bank to earn interest of some VND1.1 trillion and more than US$29,600.

Ocean Bank gave Chinh extra-contractual interest sums of VND105 billion and Hoang Dinh Tam, Chinh’s successor, VND586 million.

Chinh later declared he had given VND50.5 billion to Su, VND15 billion to Tuyen and VND7.5 billion to Son and kept VND10 billion for himself. The remainder was used for Vinashin’s operations.

Meanwhile, Su, Tuyen and Son denied Chinh’s claim, stating they had received smaller amounts.

SGT