Vietnam Suspends Vinashin Chief

According to a July 14 report from Bloomberg, Vietnam Shipbuilding Industry Group Chairman Pham Thanh Binh was suspended from his post as the government began an investigation into financial difficulties at the state-controlled company. Vinashin, as the shipbuilder is known, doesn’t have enough funds for some projects after its customers and lenders were hit by the global recession that started in 2008, the Ministry of Transportation said July 1. The company also over diversified its businesses and hasn’t managed its cash flow and debt properly, according to the transport ministry statement.

(Source: Bloomberg)