The People’s Court of Hanoi in Vietnam has sentenced two Vinashin executives to death for embezzlement.
Giang Kim Dat and Tran Van Liem were found guilty of embezzling more than $11.3 million, which led to the collapse of the state-run shipyard.
Port Technology reports that Liem, former director general, and Dat, former sales manager, were sentenced on February 22 after a four-day trial.
The money was allegedly obtained as commission for ship purchasing deals and in a number of price fixing deals. It was put into bank accounts under the name of Dat’s father who received a 12 year prison sentence from the court.
The firm’s former accountant, Tran Van Khuong, received life imprisonment for assisting with the embezzlement.
Vinashin’s near collapse in 2010 sparked investor fear in state run agencies, and in 2012, the chairman of Vinashin was jailed for 20 years for violating state regulations on economic management. Vinashin’s debts were more than $4 billion.
Prime Minister Nguyen Tan Dung made a public apology in parliament in October 2012 for his "weakness in economic management, especially in the supervision of the operation of state-owned groups."
In a separate case in 2013, two former executives of a state-owned shipping firm Vinalines were sentenced to death for embezzlement. Duong Chi Dung and Mai Van Phuc, respectively former chairman and chief executive of Vinalines, were found guilty of siphoning off $950,000 and mismanaging state funds to the detriment of the country's economy.