Thursday, February 23, 2017

More Death Sentences for Embezzling Freight Shipping Bosses in Vietnam

Ultimate Punishments Handed Out by Hanoi Court
Shipping News Feature
VIETNAM – The Hanoi People Court has, once again, sentenced two former senior official from the bankrupt state-owned shipping line, Vinashin Ocean Shipping (Vinalines), to death after they were found guilty of embezzlement, with a third sentenced to life in prison and another given 12 years in prison for money laundering. After a four-day trail, the executives were found to have taken part in the huge corruption scandal with several senior staff from Vinalines, along with other interested parties from Vietnam's maritime industry, to the detriment of the state which estimated its losses at around VND910.2billion (around $40 million).

Tran Van Liem, previously General Director of Vinalines, and Giang Kim Dat, former interim Head of Sales, both received the death sentence having embezzled at least VND3.1 billion ($138,000) and VND255 billion ($11.3 million) respectively. Tran Van Khuong, Former Chief Accountant, was sentenced to life having embezzled VND2.5 billion ($110,000), and Giang Van Hien, father of Giang Kim Dat, was given 12 years in prison for money laundering.

According to the indictment, Liem signed contracts between July 2006 to March 2007, to buy three foreign ships, Vinashin Summer from Panama, Vinashin Island from Croatia and Vinashin Phoenix from Greece. He authorised Dat to negotiate with the foreign partners.

Dat earned nearly VND11.5 billion of commission during negotiations to buy the vessels. Liem, Dat, and Khuong shared VND255 billion illegally from rigging charter prices from nine ship owners between May 2006 and June 2008, with Liem and Khuong receiving a relatively small percentage of the large sum. Dat kept the remaining sum and opened several bank accounts under his father's name.