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Trial opens for execs in shipbuilding scandal in Vietnam
Marianne Brown Published in Bikya Masr on 27 - 03 - 2012

Hanoi (dpa) – A Vietnamese court on Tuesday opened the trial of nine former executives of the scandal-hit, state-owned shipbuilding company Vinashin.
The men, who include former chairman Pham Thanh Binh, face charges of deliberately acting against state regulations on economic management, causing serious consequences.
They could face up to 20 years in jail if found guilty.
They were arrested in 2010 after a police investigation into mismanagement of the firm, once brandished as an example of government strategy in advancing industrial development through state-run companies.
When the 2008-2009 global recession hit its revenues, the company was unable to keep up with its debt repayments, including the first payment of 60 million dollars from a 600-million-dollar bond issue through Credit Suisse in 2007.
The company narrowly avoided bankruptcy last year with debts of 4 billion dollars.
BM
ShortURL: http://goo.gl/1iC9o
Tags: Execs, Shipbuilding, Trial, Vietnam
Section: Business, Latest News, Southeast Asia

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