Argentinian yard scam rumbled

Argentinian yard scam rumbled

Six top managers at Argentinian shipyard Astillero Río Santiago have been arrested accused of embezzling state funds. Investigators are looking into contracts at the yard from 2012 to 2013, where up to $1m is thought to have been syphoned off.

Among those arrested was the yard’s former chairman, Hector Scavuzzo. The six men arrested could face jail terms of up to ten years.

The elaborate scam saw senior management create salaries for staff who did not actually work for the yard.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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