Another Vinashin official arrested

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Another former official from the state-owned Vietnam Shipbuilding Industry Group, often known as Vinashin, was arrested Saturday amid an investigation into financial activities at the company.

To Nghiem, chairman of Cai Lan Shipbuilding Industry Company, a Vinashin subsidiary, was detained on charges of "deliberately acting against the state's regulations on economic management, causing serious consequences."

Nghiem, 51, was suspected of "appropriating state properties worth tens of billion of dong" when using second hand equipment for a power plant project.

Since it began operations in April 2007, the Diesel Cai Lan Power Plant has faced technical problems and shutdowns, leading to losses of more than VND62 billion.

Vietnamese police have already arrested five former Vinashin officials. Pham Thanh Binh, the company's former chairman and chief executive officer, was arrested in August.

Two other former board members and directors of two subsidiaries were arrested early this month.

Vinashin was on the verge of bankruptcy this year. As of the end of August, Vinashin's debts amounted to VND86 trillion ($4.4 billion).

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