Vinashin chairman to be disciplined over mismanagement
HCMC – The Central Party Committee’s Inspection Commission has announced it will discipline the chairman of shipbuilder Vinashin, one of the country’s largest state-owned conglomerates.
The commission made the announcement after its June 21-July 3 meeting presided over by Nguyen Van Chi, a Politburo member and head of the commission, according to the local media.
The announcement itemizes the violations of Party rules committed by several Party organizations and members, including Vinashin chairman Pham Thanh Binh, Ha Giang Province’s chairman Nguyen Truong To, the Personnel Board of Quang Ninh Province’s Party Committee, and Tra Vinh Province’s Party Committee’s Standing Board and People’s Committee.
The Inspection Commission found that Pham Thanh Binh, Party chief and chairman of Vinashin, had infringed regulations on the mobilization, management and use of State capital at Vietnam Shipbuilding Industry Group (Vinashin).
Binh, according to the announcement, will undergo the discipline procedure for this severe irresponsibility, placing the shipbuilding giant on the brink of bankruptcy.
Vinashin has debts of as high as VND90 trillion as pointed out by Tran Quang Vu, new general director of the company.
The announcement says Vinashin had falsified its financial reports sent to the Government, established as many as 200 incapable subsidiaries, and expanded outside its core business operations.
The company had bought secondhand ships, causing heavy losses for the State, seriously violated regulations on project formulation, approval and bidding, and incurred hefty debts which might throw the firm into a state of insolvency.
Binh had also picked a son of his and a younger brother to serve as representatives of the State’s share holdings and hold senior positions – the actions which severely violated Party and State rules.
His violations had led to more than 5,000 lost jobs and VND234 billion in overdue social insurance and unpaid wages.
The Inspection Commission has also asked the Government to make clear the responsibility of ministries and agencies involved in Vinashin’s infringements, and to order inspectors, auditors, and finance and banking authorities to launch a thorough probe into Vinashin.
According to the commission, any findings in the upcoming investigation would serve as lessons for other State-owned conglomerates, and the other giants in the State corporate sector must conduct business performance reviews and report to the commission by August 31.