Former Vinashin Chairman Prosecuted

Mr. Pham Thanh Binh was accused of making mistakes in the project to build two 4,000-ton ships, causing a loss of billions of dong.

Mr. Pham Thanh Binh is serving a 20-year prison sentence. Photo: Viet Dung.

On August 28, Phu Yen police announced that they had prosecuted Mr. Pham Thanh Binh, former Chairman of the Board of Directors of Vietnam Shipbuilding Industry Group (Vinashin), for intentionally violating state regulations on economic management, causing serious consequences.

According to the survey, in 2007,Phu Yen Agricultural and Aquatic Industry Joint Stock CompanyVinashin agreed to establish an investment project to build two 4,000-ton ships with a total estimated cost of about 150 billion VND.

Mr. Binh, who was then the group's chairman, approved the construction of these two ships without establishing or appraising the project, which is accused of violating the law.

According to the accusation, these two ships were built but only 80% completed, then stopped and were forced to sell as scrap, causing a loss of more than 5 billion VND.

September 2016, Mr. Vo Tan -Director of Agricultural and Water Industry Joint Stock CompanyPhu Yen Industrial Park and Duong Van Son Hoan - Chief Accountant of the company were prosecuted for the crime of intentionally violating State regulations on economic management causing serious consequences.

Previously, in 2010, Mr. Binh and eight accomplices were prosecuted for intentionally violating state regulations on economic management, causing serious consequences in the major case at Vinashin. Two years later, the former chairman of Vinashin was sentenced to 20 years in prison and is currently serving his sentence.

According to VNE