Vietnam working with Singapore to confiscate corrupt Vinashin exec's assets

Thanh Nien News

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A file photo of Hoa Sen (Lotus), which a Vinashin subsidiary bought in 2007 but ended up with losses of US$22.51 million 
Vietnam is working with Singapore to confiscate the assets of a former executive at state shipbuilding giant Vinashin who was arrested recently for allegedly stealing US$18.6 million, the Inspectorate told correspondents Thursday.
Treaties like the United Nations Convention against Corruption that both countries were signatories to would make it "convenient" to seize the assets of Giang Kim Dat, 38, news website VnExpress quoted deputy chief government inspector Ngo Van Khanh as saying.
Dat allegedly owned two apartments in Singapore, but has sold one of them. The other reportedly cost $3.6 million.
He was a sales manager at Vinashin Ocean Shipping Co. Ltd, a shipping line run by Vinashin, before fleeing the country when an investigation into Vinashin's string of violations begun in August 2010. He was tracked down and apprehended in Singapore on July 7.
Preliminary findings show that from the time he started at his job in May 2006, advising his company's CEO to buy and lease ships, Dat had colluded with foreign partners to rig prices to pocket money.
The money, which he allegedly made from 16 transactions, was transferred to multiple bank accounts in his father’s name, who later bought the houses and cars. At least 40 luxury apartments and villas and five cars have been found in the names of Dat's relatives in Vietnam. The father, Giang Van Hien, was arrested in January for harboring a criminal and benefiting from illegal assets.
Dat is also suspected of being involved in the 2007 purchase of a second-hand Italian ship.
His company bought the ship for nearly VND1.5 trillion ($67.55 million) and spent another $300,000 repairing it. The ship was pulled out of service after just 39 trips due to huge losses, with the deal causing nearly VND500 billion ($22.51 million) in losses.
It was one of five major business deals that went wrong at Vinashin, causing total losses of over VND980 billion (US$40.98 million). Nine company executives, including former chairman Pham Thanh Binh, were jailed for terms ranging from three to 20 years in 2012.
Vinashin, which had piled up debts of $4.5 billion by 2010, was restructured into the Shipbuilding Industry Corporation in 2013.
Dat's company was transferred to shipping giant Vinalines along with a few other subsidiaries, but in May last year the government approved the company's filing for bankruptcy.

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