Former Vietnam shipbuilding execs appeal sentences

Associated Press

HANOI, Vietnam (AP) — State media say eight former executives of a shipbuilding giant have appealed their lengthy sentences in a high-profile scandal that damaged the country's credit rating.

Nine executives including chairman Pham Thanh Binh of state-owned Vietnam Shipbuilding Industrial Group were sentenced last month to up to 20 years in prison for violating government regulations. Prosecutors said they caused $43 million in losses to the state.

Thanh Nien newspaper on Wednesday reported that eight of the executives have appealed their sentences. It's unclear which former executive has not appealed.

Vinashin, which once aimed to become one of the world's top shipbuilders, was on brink of bankruptcy in 2010 with debts totaling $4.5 billion.