Vinashin Shipbuilding Industry Corp. ex-officials in appeal against sentences for losses to the state budget of VND910 billion (US$43.5-million).

Shipbuilding giant Vinashin, a state-owned company founded in 1996, came to the verge of bankruptcy in 2009 after accumulating an enormous debt of over $4.11 billion. The government later introduced reforms to get the embattled shipbuilder back on track.

The Supreme People’s Court opened the hearing to consider the appeals of eight out of the nine defendants who had been sentenced by the Hai Phong city people’s Court in March for “intentionally violating the State’s economic management regulations, which causes serious consequences”.



Among the eight is Pham Thanh Binh, former Vinashin chairman, 59, who has been sentenced to 20 years in prison. 

The others have received sentences ranging from 10 and 19 years imprisonment.

According to the indictment, Binh and his accomplices disregarded State laws and regulations on investment, management and use of State capital, causing a loss of VND469.5 billion in the purchase of the ship Hoa Sen ; VND316.5 billion in the Red River thermal power plant project in Nam Dinh Province; VND66.5 billion in the Cai Lan diesel thermal power plant in Quang Ninh province; VND30.4 billion in the financial lease of ship Binh Dinh Star ; and VND27.3 billion in the sale of the Bach Dang Giang vessel.