A court in the northern province of Nam Dinh on November 27 sentenced the former executive of a member company of troubled state-owned shipbuilder Vinashin to an additional 20 years in jail for embezzlement.
Nguyen Dinh Tuyen, the 50-year-old former head of Hoang Anh Shipbuilding JSC in Nam Dinh, was found guilty of asking his employees to withdraw VND4.5 billion (US$215,840) from the firm’s bank account in December 2006, which were used for Tuyen’s personal needs.
As Tuyen’s chief accountant at the time, Do Dinh Con forged documents to account for the withdrawal on the subsidiary’s ledger.
Con was sentenced to three and a half years in prison for “aiding and abetting criminal activity.”
Back in April, Vietnam’s Supreme People’s Court had sentenced Tuyen and Con to 16 and 10 years in prison respectively for causing losses of at least VND910 billion (US$43.96 million) at Vinashin, which nearly went bankrupt after piling up debts of $4.5 billion in 2010.
They were convicted of “deliberately acting against state regulations on economic management.”
Tuyen's company is one of seven Vinashin subsidiaries the Ministry of Public Security revealed to have committed fraud worth more than $65.7 million.
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