Vietnam boss arrested for mismanagement

Vietnam`s government says the former top boss of one of the country`s largest state-owned companies has been arrested for mismanagement that nearly bankrupted the shipbuilding enterprise.

Hanoi: Vietnam`s government says the
former top boss of one of the country`s largest state-owned
companies has been arrested for mismanagement that nearly
bankrupted the shipbuilding enterprise.

Pham Thanh Binh, 57, was taken into police custody in
Hanoi yesterday for allegedly "intentionally contravening"
state regulations causing serious consequences, the government
said in a statement on its website.

Prime Minister Nguyen Tan Dung last month suspended Binh
from his job pending an investigation.

A Communist Party oversight body reported that Binh had
shown irresponsibility in managing and using state capital,
including investing large sums in unprofitable ventures such
as the purchase of old ships, many of which were deemed unfit
for sea travel soon after arriving.

PTI

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