Vinashin subsidiary brass face embezzlement charges

TN News

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Police in northern Vietnam have recommended corruption charges against the top management of a subsidiary of the state-owned shipbuilding giant and major debtor Vinashin.

Hoang Anh Shipbuilding Joint Stock Company based in Nam Dinh Province was investigated as part of a probe into Vinashin's finances after it almost went bankrupt in late 2010 with debts totaling US$4.5 billion.

The Ministry of Public Security has assigned investigators in seven provinces to look into the operations of seven subsidiaries in all.

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Investigators at Hoang Anh Company have allegedly found signs of embezzlement, and seek to charge former president Ngo Tung Lam, general director Nguyen Van Tuyen, and board member Luu Van Hop with irresponsibility in investment and financial management.

Two other people from the company were also investigated previously for embezzlement.

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