Interpol Issues Warrants For 2 Vietnamese Execs

Posted June 19th, 2011 at 12:30 pm (UTC-5)
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A leading state-run Vietnamese newspaper says Interpol has issued global arrest warrants for two officials from the beleaguered Vietnam Shipbuilding Industry Group, Vinashin.

The Tuoi Tre news report says warrants for the duo, former Vinashin finance officer Ho Ngoc Tung and subsidiary manager Giang Kim Dat, were issued at Hanoi's request.

Sunday's report said the two suspects are among 10 officials charged with deliberately violating state economic regulations during a time when the grouping accrued debts equal to about 4.5 percent of the country's gross domestic product.

In December, Vietnam defaulted on the first $60 million installment on a $600 million loan arranged by Credit Suisse in 2007.

The default prompted Prime Minister Nguyen Tan Dung to apologize to the National Assembly for allowing the debt to accumulate. He said the grouping's collapse was caused in part by the global recession. But he also acknowledged that his government failed to provide adequate oversight.

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Vinashin is undergoing restructuring aimed at restoring its focus on shipbuilding and eliminating most subsidiary businesses.