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.