Vietnam suspends executive over shipbuilder’s debt

Vietnam says the chair of shipbuilding company Vinashin has been suspended for nearly bankrupting the enterprise, one of the country’s largest state-owned companies.

The government said on its website Wednesday that prime minister Nguyen Tan Dung suspended Pham Thanh Binh pending an investigation into his wrongdoing. The company’s full name is Vietnam Shipbuilding Industry Group.

State media quoted a report of the Communist Party oversight body as saying last week Binh has shown irresponsibility in managing and using state capital.

Vinashin has legal capital of 9 trillion dong ($473 million) and debt of 80 trillion dong ($4.2 billion).

Tags: Vietnam shipping industry, Vinashin

Posted by VBN on Jul 16 2010. Filed under Shipbuilding. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry