State stymied in retrieving missing Vinashin millions

State stymied in retrieving missing Vinashin millions

Hanoi: Efforts to reclaim all the losses from corrupt officials at the nation’s state-run shipbuilding conglomerate have been thwarted.

Vinashin, now rebranded as Shipbuildng Industry Corporation, went bust five years ago with debts approaching $5bn. Giant corruption has since been unearthed at the company with many senior executives jailed and some even executed.

Efforts to retrieve around VND1trn ($47.33m) from the jailed heads of three subsidiaries have since failed however.

Pham Thanh Binh, former chairman of Vinashin, was held accountable for about half of the money, while To Nghiem, former chairman of Cai Lan Shipbuilding Industry Company, and Tran Van Liem, former CEO of Vinashin Ocean Shipping (Vinashinlines), the rest.

The Ministry of Justice has recently ruled that the convicts are no longer capable of paying the missing sums. However, the ministry is keeping an eye of the trio and any properties they might own or leave in a will, which will then be confiscated.

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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