Former Vinashin official bought 40 properties with embezzled money

Hanoi: Intriguing details have emerged of the scale of embezzlement by the latest man captured for his links to corruption with state maritime conglomerate Vinashin.

Giang Kim Dat, who was caught last week after five years on the run, bought 40 properties across Vietnam with the $18.6m he embezzled during his time with Vinashinlines, a shipping line affiliate of the shipbuilder, according to the Social Security Department.

Dat also co-invested in a large motor yacht worth around $54m.

Vinashin, now rebranded as Shipbuilding Industry Corporation (SBIC), went bankrupt around seven years ago, and since then authorities have unearthed massive a corruption scandal with many senior officials sentenced. Dat could face the death penalty for his actions.

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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