The investigation agency has taken legal proceeding against two former executives of a Vinashin affiliate

Hanoi (VNA) – The investigation agency has taken legal proceeding against two
former executives of a Vinashin affiliate on charge of “intentionally breaking
State regulations on economic management, causing serious consequences”.

The executives included Ho Ngoc Tung, former General Director, and Trinh Thi Hau,
former vice General Director of the Shipbuilding Industry Financial Company (VFC),
an affiliate of the Vietnam Shipbuilding Industry Group (Vinashin).

Tung is currently a member of the Board of Directors and Financial General Director
of Vinashin.

The agency said Tung and Hau were involved in the illegal disbursement of loans
worth dozens of billions of VND while they were working at the VFC.

Established in December 1998, VFC is tasked to arrange capital for investment
projects of its mother company and other affiliates in addition to undertaking
projects to issue bonds in and outside the country, performing entrusted management
of capital and providing financial services./.