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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Vietnam arrests 4 more executives of shipbuilder AP - Saturday, September 4 Send IM Story Print HANOI, Vietnam – Police have arrested four additional former senior executives of Vietnam's debt-laden, state-owned shipbuilding company as part of widening investigations into mismanagement, state media reported Saturday. The former executives for the Vietnam Shipbuilding Industry Group _ or Vinashin _ have been accused of intentionally violating regulations causing serious losses to the state. The four were taken into custody Monday, but the arrests were not reported for several days in communist Vietnam's tightly controlled media. The company's chairman, Pham Thanh Binh, was arrested on similar charges about a month ago. The widening case has attracted extensive media attention, and some members of the National Assembly have demanded hearings on the ongoing investigations. It is unclear if the business scandal will have political consequences, but the ruling Communist Party has made fighting corruption and economic crimes a priority. Those arrested on Monday include Tran Quang Vu, Vinashin's former managing general director, and Tran Van Liem, the company's former controller, according to Tuoi Tre newspaper. In addition, Nguyen Van Tuyen and Nguyen Tuan Duong, former managers of two of Vinashin's subsidiaries, were arrested. Vinashin was established in 1996 and was touted as an example of the ruling Communist Party's success in liberalizing the economy and opening up to foreign investment. It aimed to become one of the world's top shipbuilders while also running businesses from animal feed production to tourist resorts. But as the company expanded, it amassed large debts that the government has estimated at $4.5 billion (86 trillion dong) including $750 million in international bonds guaranteed by the government. The four arrested recently are accused of contributing to the company's losses through unauthorized deals that proved disastrous. In an earlier position as the general manager of Nam Trieu Shipyard, one of Vinashin's subsidiaries, Vu was responsible for the purchase of a used Polish-made ship that was originally intended for reselling as scrap metal. But he mortgaged it to get loans of $5.5 million from a Vinashin financial affiliate and then sold the ship for scrap metal without repaying the loan, Tuoi Tre said. Liem is accused of buying a used ship from Italy for $77 million in 2007 in defiance of the prime minister's ban on buying old vessels for the North-South ocean shipping line. The ship made just several dozen trips between the southern commercial hub of Ho Chi Minh City and northern province of Quang Ninh before it was anchored at a port because of declining numbers of passengers and the high operating costs, it said. Tuyen and Duong were responsible for the purchase of two old power plants from South Korea, despite the government's disapproval of the project, Tuoi Tre said. The equipment, intended for two Vinashin power plants, was never used. Vinashin's chairman Pham Thanh Binh was arrested in Hanoi earlier this month for "intentionally contravening" state regulations causing serious consequences and leading to the near bankruptcy of the company. He was suspended from his job in July pending an investigation. A government commission headed by a deputy prime minister has been set up to help with Vinashin's restructuring. 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