External Content

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

HANOI (Reuters) - Vietnam has arrested a former chairman of state-owned Shipbuilding Industry Corporation (SBIC) for alleged abuse of power, police said on Friday, as the Southeast Asian nation cracks down on graft.

A spate of high-profile arrests has shed light on graft, mismanagement and nepotism in state firms at a time of accelerating privatisation, while spotlighting the ascendancy of a more conservative faction in the ruling Communist Party.

Nguyen Ngoc Su of SBIC, formerly known as debt-laden and troubled Vinashin, "abused his rank and position", Vietnam's Ministry of Public Security said in a statement on its website.

Su was accused of using Vinashin's deposit in domestic lender Ocean Bank to make profits for some individuals at the shipping firm, police said.

Lending violations at Ocean Bank have sent dozens of people to jail and handed a death sentence to its former chief executive Nguyen Xuan Son - the first time in years that such a senior former official received the death penalty.

Son was also a former chairman of state energy group PetroVietnam, where Su was served as a vice chief executive.

A Hanoi court this week jailed a former politburo member for 13 years for violating state rules and sentenced another high-profile energy official to life in prison.

(Reporting by Mai Nguyen; Editing by James Pearson and Clarence Fernandez)

Neuer Inhalt

Horizontal Line


subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters

WEF 2018

WEF Teaser 2018

Podcast

Reuters