Vinashin’s former chairman sentenced to 13 years in prison

Former Chairman of the State-run Vietnam Shipbuilding Industry Group (Vinashin) Nguyen Ngoc Su was sentenced to 13 years in prison for the charge of “abusing position and power to appropriate assets” at a first-instance trial yesterday.

Vinashin’s former chairman sentenced to 13 years in prison
Vinashin's former Chairman of the Council of Members Nguyen Ngoc Su at the court

The Hanoi People’s Court also sentenced Tran Duc Chinh, former Chief Accountant cum head of the Finance and Accounting Department to 17 years in jail, former Vinashin General Director Truong Van Tuyen 7 years and former Deputy General Director Pham Thanh Son 6 years for the same conviction.

The court also requested the defendants to pay back the money they illegal appropriated.

Chinh and Son were banned to undertake management positions in State-owned enterprises within three years since the end of their sentences.

According to the indictment, they together agreed to make fixed-term deposits at OceanBank to gain extra interest that was not stated in deposit contracts.

 

Investigators have found that from 2010 to June 2014, Vinashin made more than 2,300 fixed-term deposit contracts involving nearly 104 trillion VND (4.45 billion USD) and some 181 million USD with OceanBank.

From March 2011 to August 2014, Chinh received more than 105 billion VND (4.5 million USD) 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.

Su initiated the depositing, signed 12 deposit contracts and gained 8 billion VND himself. Authorised by Tuyen, Chinh also signed many deposit contracts at OceanBank and appropriated 10 billion VND, while Tuyen pocketed 3.5 billion VND and Son bagged 1.2 billion VND.-VNA

 
 

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