Former SJC Director Embezzled Assets and Abused Power
On September 8, the Supreme People’s Procuracy issued an indictment charging Ms. Le Thuy Hang, former Director of Saigon Jewelry Company Limited (SJC), with “Embezzlement of Assets” and “Abuse of Power.”
Several accomplices were also indicted: Mr. Mai Quoc Uy Vien (Director of the SJC Gold Refinery) and Mr. Tran Tan Phat (Deputy Director of the Refinery); Ms. Hoang Le Hue (Director of SJC Central Branch); and Mr. Doan Le Thanh (Head of the Gold Melting and Casting Team at Tan Thuan Refinery). They face the same charges as Ms. Hang.
Meanwhile, Ms. Nguyen Thi Hue (Director of SJC Hai Phong Branch), Mr. Tran Hien Phuc (Chief Accountant of SJC), Ms. Nguyen Thi Loc (Accountant of SJC Central Branch), and Ms. Nguyen Thi Thu Hien (Manager of Store No. 193 Hung Vuong) were charged with “Embezzlement of Assets” or “Abuse of Power.”
According to the Procuracy, Ms. Hang and her accomplices abused their positions to embezzle assets and gain illegal benefits during the production and reprocessing of deformed SJC gold bars, the manufacturing of SJC gold rings, and the sale of SJC gold bars at stabilized prices.
As a result, Ms. Hang’s group caused losses to Saigon Jewelry Company Limited (SJC) while gaining illicit benefits.
The indictment states that in 2024, the State Bank of Vietnam entrusted SJC with two batches of gold bullion totaling 10 tons for reprocessing and manufacturing into SJC gold bars. However, Ms. Hang gave wrongful instructions with the intent to embezzle and benefit personally.
Ms. Le Thuy Hang
Illicit Benefits Exceeded VND 73.5 Billion
Regarding the embezzlement charge, the Procuracy accused Ms. Hang of abusing her position as SJC’s Director to instruct Mr. Mai Quoc Uy Vien (Director) and Mr. Tran Tan Phat (Deputy Director of the Refinery) to create a fictitious report inflating the allowable wastage in gold bar reprocessing.
Ms. Hang also instructed Mr. Tran Hien Phuc (Chief Accountant of SJC) to draft and legitimize a new regulation on wastage rates based on the fictitious report. She approved the release of gold bullion for wastage at a rate of 0.0005 taels per product and reported to the State Bank of Vietnam a total gold wastage of over 95.8 taels during the reprocessing of the 10-ton gold consignment, masterminding the embezzlement of gold worth more than VND 8.4 billion. Ms. Hang personally gained 85.8 taels of gold worth over VND 6.6 billion.
In another instance of embezzlement, the Procuracy found that Ms. Hang instructed Ms. Hoang Le Hue (Director of SJC Central Branch) to create fictitious and duplicate documents showing purchases of gold at high prices and sales at low prices, creating fictitious losses of over VND 3.2 billion for SJC Central Branch. Ms. Hang personally profited by over VND 2.1 billion from this scheme.
The total amount embezzled by Ms. Hang and her accomplices exceeded VND 8.7 billion.
On the charge of abuse of power, the Procuracy stated that Ms. Hang, driven by personal gain, “bought and transferred” gold bullion from external sources to Mr. Tran Tan Phat, the Deputy Director of the Refinery, and instructed the Director of the Refinery, Mr. Mai Quoc Uy Vien, and Mr. Phat to mix the external gold with SJC gold in 56 batches of reprocessed “deformed” gold bars for the State Bank of Vietnam.
Specifically, she directed the production of 6,255 SJC gold bars in violation of Articles 3 and 7 of Decision No. 1623 of the State Bank of Vietnam, causing state property losses of over VND 74 billion and illegally profiting by more than VND 64 billion.
Also, on the abuse of power charge, Ms. Hang instructed Ms. Nguyen Thi Hue (Director of SJC Hai Phong Branch) to purchase external gold bullion and deliver it to Mr. Tran Tan Phat for the production of 11,503 SJC gold rings in violation of Decision No. 204/QD-NS-CTY dated December 26, 2011, issued by the SJC Director, causing state property losses of over VND 15.1 billion and benefiting herself by over VND 6.6 billion.
Additionally, Ms. Hang instructed Ms. Nguyen Thi Hue (Director of SJC Hai Phong Branch) and Ms. Hoang Le Hue (Director of SJC Central Branch) and Ms. Tran Ngoc Minh Thu (Head of SJC Gold Business Department) to sell only a portion of the “stabilized price” gold to customers, keeping the rest to sell “externally” at prices higher than the listed price, causing state property losses of over VND 5.7 billion, with Ms. Hang personally profiting by over VND 2.8 billion.
In total, Ms. Le Thuy Hang’s misconduct caused state property losses of VND 95.7 billion, and she illicitly benefited by over VND 73.5 billion.
“Former SJC Gold Company CEO Accused of Illicitly Producing Thousands of Taels of Gold Using External Raw Materials, Hoarding Stabilization Gold to Sell at Higher Prices”
The indictment by the Supreme People’s Procuracy revealed that Mrs. Hang and her accomplices caused a loss of over VND 107 billion to SJC Company. This includes a loss of VND 11.6 billion due to embezzlement and VND 95.8 billion due to violations. Mrs. Hang is accused of personally benefiting to the tune of VND 73.5 billion from these illicit activities.
Former Vice Head of the National Assembly’s Office, Pham Thai Ha, Appears in Court Over Thuân An Case
Former head of the National Assembly Office Pham Thai Ha has been accused of abusing his position to introduce and influence opportunities for Thuan An Group to participate in bidding and construction project implementation.
A Former Da Nang official, a nominal leader, embezzled five land lots
A deceitful couple, Vo Nhi and her husband, were entrusted with a task to hold five land lots under their name. However, they had other plans as they schemed to usurp the property. In a cunning move, they reported the loss of the red book, a crucial document for land ownership in Vietnam, with the intention to sell the land for their own gain.
The Golden Contrast: A Tale of Soaring Prices
The gold price surge has left small jewelry shops in a peculiar predicament. While a rise in gold prices typically signals prosperity for gold businesses, smaller retailers are facing a unique challenge. Their primary focus on jewelry sales becomes a double-edged sword when customers flock to purchase gold bars and coins instead. This shift in demand dynamics has small jewelry retailers struggling to adapt, witnessing a stagnant business despite the favorable market conditions.
“Former Chairman of Tan Tan Company Faces Prosecution: A Case for Ethical Leadership”
Let me know if you would like me to provide any further refinement or additional ideas to ensure it aligns with your vision.
The investigative agency has finalized its additional investigation, maintaining its stance to prosecute Mr. Tran Quoc Tan, the former Director of Tan Tan Joint Stock Company, on two charges.
