AP News

News Summary: Vietnam nabs former executive

SHIP SUNK: The former chairman of an indebted Vietnamese state-owned shipping company has been arrested and charged with economic crimes after he was extradited from a neighboring country.

STORMY SEAS: Duong Chi Dung had been on the run since March when authorities investigated Vietnam National Shipping Lines, or Vinalines, for corruption and arrested several of its executives.

RUN AGROUND: In May government inspectors issued a report saying the company had defaulted on five loans worth $1.1 billion and had bought 73 foreign vessels, many of which had run up millions of dollars in losses.

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