Tuesday, July 31, 2012

Was at-large Vinalines chief tipped off over impending arrest?

Was the fugitive Vietnam Maritime Administrator who ran the financially embattled state-owned Vinalines shipping firm tipped off in advance of his impending arrest?

According to Lieutenant General Phan Van Vinh, director of the Criminal Police Department at the Ministry of Public Security, in an online interview on Friday with the Cong An Nhan Dan newspaper: "there's no information that Dung had paid a lot of money to be notified in advance so he could save himself."

The Vinalines director, Duong Chi Dung, remains the subject of a manhunt since May 18 when it was made public that he would be arrested for alleged multi-million-dollar financial mismanagement during his leadership of the firm from 2005 to early this year.

Thirteen Vinalines officials are, according to media reports out of the region, under investigation as Vietnam's government investigates findings by auditors who turned up evidence of fraud and other irregularities that reportedly included the acquisition of old ships that were not operational.

Vinalines lost 24.7 million last year despite what has been reported were falsely reported profits by the company.

Vinalines debts are reportedly over $2 billion.

For the full Than Nien News story: thanhniennews.com

More Newswire stories

U.S. drought, global heatwave deal blow to Supramax shipping sector

Maersk exec: "Current rates are not able to cover our costs"

Crowley Logistics adds LCL services to Colombia

Today's Cargo News Archives

Click to browse past stories on these topics:

Logistics

Ports & Infrastructure

Economic Outlook

Environmental Impact

Technology