Monday, December 16, 2013

Vietnam sentences state firm executives to death for embezzlement...

A court in Vietnam sentenced two former executives of a state-owned shipping firm to death on Monday for embezzlement, an unusual harsh sentence in a communist country where prosecutions of top officials are rare.

Duong Chi Dung and Mai Van Phuc, respectively former chairman and chief executive of Vinalines, were found guilty of siphoning off 20 billion dong ($950,000) and mismanaging state funds to the detriment of the country's economy.

In a case that caused losses of $17.3 million, eight other officials received sentences of between four and 22 years for embezzlement and "intentionally violating state rules on economic management with serious consequences", according to the verdict read in court.

Dung and Phuc were each ordered to repay $5.2 million.

The verdict comes as Vietnam's government seeks to restructure its hundreds of state-owned enterprises (SOEs) in an effort to revive an economy grappling with high levels of bad debt, much of which rests with its own companies. Full story...

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