Leaders of the state-owned Vietnam Shipbuilding Industry Corporation (Vinashin) have made up false reports to the Government to conceal the group’s wrongdoings and financial woes, General Government Inspectorate Director Tran Van Truyen told reporters on the sidelines of the National Assembly sitting on October 21.
He said 13 or 14 auditions and inspections have been taken into the group since 2005, with many wrongdoings uncovered.
The Ministry of Planning and Investment found out that the group made wrong investment in terms of capital and areas of operation, he said, adding that financial investigators discovered that the group used the state capital ineffectively and misused it.
However, he said, the group’s leaders had kept making up false financial reports. The group reported it earned profits though in fact it lost money.
Last year, Vinashin suffered losses of VND1.6 trillion but it reported its profit of VND750 billion. The shipbuilding group also posted its profit of VND100 billion in the first quarter of this year.
This has misled the authorized agencies in taking prompt measures to tackle the group’s financial woes.
Mr. Truyen admitted that the mechanism for monitoring, inspecting and auditing were inefficient.
Many agencies carried out inspections of the group but their duties were not defined clearly, he added.
There should be a mechanism to force inspected units to set right the problems pointed out by inspectors.
