Monday, May 21, 2012
SPECIAL CASUALTIES EDITION
Shipping execs arrested, manhunt ensues in Vietnam
Two shipping line executives were arrested on Friday in Hanoi while another is the subject of a manhunt amid a developing scandal involving the largest state-owned shipping and port company in that country, according to news reports out of the region.
Duong Chi Dung, the former chairman of Vietnam Shipping Lines (Vinalines), and current director of the Vietnam Maritime Administration, reportedly fled his home before law enforcement arrived with an arrest warrant.
Dung, along with the other two arrested officials, Mai Van Phuc, deputy chief of Vietnam's Transport Administration, also a former general director at Vinalines, and Tran Huu Chieu, the former deputy general director of the shipping company, are charged with willful financial mis-management of Vinalines that includes defaulting on $1.1 billion worth of loans in addition to acquiring 73 mostly secondhand foreign vessels, of which 17 were too old for service and too costly to repair.
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