Vietnam arrests former executive in widened graft crackdown

HANOI, Vietnam — Police in Vietnam arrested the former chairman of a scandal-hit major state-owned conglomerate for alleged abuse of power as communist authorities step up their crackdown on graft.

The Ministry of Public Security said Nguyen Ngoc Su, the former chairman of Vietnam Shipbuilding Industrial Group, or Vinashin, is suspected of using Vinashin's money to deposit savings into the Ocean joint stock bank that allowed some company executives to appropriate $4.7 million in excessive interest.

Police are widening their investigation into the case, the ministry said in a statement Friday, a day after Su was taken into custody.

Abuse of power carries up to 15 years in prison.

Su was the former vice general director of state energy giant PetroVietnam before being appointed in 2010 to head Vinashin, which was teetering on the edge of bankruptcy over accumulated debts of $4.5 billion, or 4.5 percent of the country's gross domestic product at that time.

Vinashin's former chairman Pham Thanh Binh was sentenced to 20 years in prison for violating government regulations in 2012, while eight other senior executives were given from three to 19 years in the same trial. The case had damaged the country's credit rating.

Scores of officials and bankers have been put on trial recently for economic crimes as authorities stepped up their crackdown on corruption under the watch of Communist Party General Secretary Nguyen Phu Trong, who was re-elected to another five-year term in 2016.

Vietnam's highest-profile graft trial wrapped up on Monday when Dinh La Thang, a former Politburo member and former chairman of PetroVietnam, was sentenced to 13 years in prison.

Trinh Xuan Thanh, a former chairman of PetroVietnam's construction arm PVC, who Germany says was kidnapped by Vietnamese agents in Berlin where he sought asylum, was given life imprisonment for embezzlement in the same trial that also includes 20 other defendants, most of them former oil executives.

Ocean Bank was taken over by the State Bank in 2015 at no cost after reported accumulated losses of $445 million.

The bank's general director was sentenced to death for embezzlement while its chairman was sentenced to life imprisonment on the same charges at a trial last year that also included 49 others, most of them Ocean Bank executives.

You may also interested in

Court ruling expected to dissolve main Cambodian...

Nov 16, 2017

Cambodia's opposition braced for a court ruling due expected to see the party dissolved in the...

Bangladesh, Cambodia leaders meet on Rohingya,...

Dec 4, 2017

Bangladeshi Prime Minister Sheikh Hasina has met with her Cambodian counterpart, Hun Sen, during an...

Cambodian court again rejects bail for opposition...

Feb 1, 2018

A court in Cambodia has for the second time denied a request for the release on bail of opposition...

Cambodia's ruling party claims sweeping win in...

Feb 25, 2018

The ruling party of Cambodian Prime Minister Hun Sen has claimed a sweeping win in elections for...

Cambodian election body warns against poll...

Apr 9, 2018

Cambodia's National Election Committee has warned that anyone urging voters to boycott the...

Sign up now!

About Us

VNReporter is built to serve the people of Vietnam exclusive reports that best reflect the happenings and achievements in the country. With the rise in the popularity in online news, readers now demand to read quality news in a more modern and easy to read format.

Contact us: sales[at]vnreporter.com

Subscribe Now!