Two Vinashin executives prosecuted

Ministry of Public Security police has prosecuted two more senior executives of the debt-ridden shipbuilding giant Vinashin.

Mr. Ho Ngoc Tung – Chief Finance Officer and Mrs. Trinh Thi Hau – General Director of Vinashin Finance Company were prosecuted for intentionally violating state regulations. The police also searched and raided their homes and work place.

During their tenure, Tung as General Director of VFC and Hau as Deputy General Director of VFC, they approved high risk loans and violated state regulations.

Vinashin Finance Company (VFC) is a state finance company and a member of the Vietnam Shipbuilding Industry Group - Vinashin. VFC was established under the decree no. 3456/1998/QD-BGTVT dated December 19, 1998 by the Ministry of Transport.

The company’s main activities included arranging and financing investment projects, arranging domestic and international bond issuance for the Vinashin Group and managing funds and providing financial services to members of the Group.

By T.Vinh – Translated by Thanh Huong

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