Vietnam arrests 4 shipping executives in scandal

19-May-2012 Intellasia | AP | 9:39 AM Print This Post

State media say Vietnamese police have arrested four senior executives at a major state-owned shipping company for alleged mismanagement in another high-profile scandal.

Online VnExpress says Duong Chi Dung, former chair of Vietnam National Shipping Lines, or Vinalines, and three other executives were detained Friday for allegedly causing losses of $80 million from 2009-2010 after purchasing old ships and making poor investments.

Dung was promoted in February to head the government’s Maritime Department.

The arrests come more than a month after nine senior executives of another major state-owned company, the Vietnam Shipbuilding Industrial Group, or Vinashin, were given lengthy jail sentences following a scandal that resulted in the lowering of Vietnam’s credit rating.

(AP)

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