Four more Vinashin officials arrested

Police arrested four senior officials at Vinashin and its subsidiaries Friday amidst an investigation into the state-owned shipbuilder which was on the verge of bankruptcy.

Board members Tran Quang Vu and Tran Van Liem were arrested on charges of "deliberately acting against the state’s regulations on economic management, causing serious consequences.” Vu, also Vinashin chief executive officer, and Liem were suspended last weekend.

Two other officials – Nguyen Tuan Duong, chairman of Cuu Long Vinashin Steel Company and CEO of Cai Lan Steel Company, and Nguyen Van Tuyen, director of Hoang Anh Shipbuilding JSC – were also taken into custody Friday on similar charges, just one day after their sacking.

Police said in a statement published on the government website that the decision to arrest the officials was based on evidence gathered so far as well as statements given by Vinashin former chairman Pham Thanh Binh, who was arrested August 4.

Investigation into the shipbuilder's management is continuing, according to the statement.

The investigation began in July as Vinashin was about to go under with debts amounting to US$4.5 billion.

The government has pledged to restructure the shipbuilder, reverting to a focus on its core areas of operation.