The People’s Court in Hanoi has sentenced Tran Van Liem, former director general of Vinashin Ocean Shipping, and Giang Kim Dat, the state-run shipping company’s former sales manager, to death after finding the two men guilty of embezzling a total of more than VND 260 billion (USD 11.3 million), according to the local media.
The two men received their sentences on Wednesday, February 22, after a four-day trial.
The court also sentenced the company’s ex chief accountant, Tran Van Khuong, to life in prison for embezzling around USD 110,000.
Giang Kim Dat was found guilty of embezzling around VND 255 billion through 16 transactions related to buying or leasing vessels, as he conspired with foreign partners to set prices.
The investigators also revealed that the company’s former CEO received payments of nearly USD 150,000, while the former chief accountant received USD 110,000.
From July 2006 to March 2007, Liem signed contracts to buy three ships, Vinashin Summer from Panama, Vinashin Phoenix from Greece, and Vinashin Island from Croatia. Liem also authorized Dat to negotiate with the sellers. In the process, Dat was found to have gained VND 11.5 billion in commission.
The three men were also found guilty of making illegal gains in the amount of around VND 250 billion by fixing renting prices with nine different parties from 2006 to 2008.
The majority of this money was kept by Dat, who deposited it, along with the commission gained from the purchase of the three ships, to 22 different accounts opened under the name of his father, Giang Van Hien, who received a 12-year prison sentence for money laundering.
The 40-year-old Giang Kim Dat was arrested in July, 2015, after being on the run for five years to avoid the probe into the alleged corruption.
The authorities started the investigations after Vinashin accumulated USD 4.5 billion in debts in 2010, leading to ten Vinashin executives being arrested and trialed for embezzlement so far.