Vietnamese Execs Arrested for Mismanagement of Funds

Four senior executives of Vietnam's government-owned shipbuilding company have been arrested for allegedly contributing to the company's losses through unauthorised deals, according to an Associated Press report published by the South China Morning Post.

 

Those arrested include Tran Quang Vu, Vietnam Shipbuilding Industry Group's (Vinashin) former managing general director, and Tran Van Liem, the company's former controller. Nguyen Van Tuyen and Nguyen Tuan Duong, former managers of two of Vinashin's subsidiaries, were also taken into custody.

 

The AP reports that as Vinashin grew, it collected large debts estimated at US$4.5 billion including US$750 million in international bonds guaranteed by the government.
 

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