The Supreme People’s Procuracy has just completed an indictment charging 16 defendants in a case that took place at the Saigon Jewelry Company Limited (SJC).
Among them, Le Thuy Hang, former General Director of SJC, was charged with embezzlement and abuse of power while performing official duties.
Mai Quoc Uy Vien, Director of the SJC Gold Refinery; Tran Tan Phat, Deputy Director of the Refinery; Hoang Le Hue, Director of SJC Central Branch; and Doan Le Thanh, Team Leader of the Gold Melting and Casting Team at Tan Thuan Refinery, were charged with embezzlement along with Hang. Tran Hien Phuc, SJC’s Chief Accountant; Nguyen Thi Loc, Accountant at SJC Central Branch; and Nguyen Thi Thu Hien, Store Manager of Store 193 Hung Vuong, were charged with embezzlement as well.
Those indicted for abuse of power include Nguyen Thi Hue, Director of SJC Haiphong Branch, along with five other individuals.
Embezzling over 11 billion VND
According to the indictment, in 2024, the State Bank of Vietnam provided SJC with 10 tons of gold raw materials in two batches for processing and producing SJC gold bars. However, Hang took advantage of her position as General Director and instructed her subordinates to submit false reports to inflate the allowable loss ratio during the gold processing.
Le Thuy Hang during her tenure as General Director of SJC
Specifically, Hang requested that Tran Hien Phuc, SJC’s Chief Accountant, draft and legitimize a new regulation on the loss ratio (0.0005 taels/product), thereby embezzling 95 taels of gold, equivalent to 11.6 billion VND. Out of this amount, Hang was accused of personally gaining 85 taels of gold, worth 6.6 billion VND.
Additionally, Hang instructed Hoang Le Hue, Director of SJC Central Branch, to create fictitious documents indicating the purchase of gold at a high price and its sale at a lower price, creating a fake loss of 3.2 billion VND, of which Hang benefited 2.1 billion VND.
Illegal Gold Production and Sale of Stabilization Gold at High Prices
Regarding the abuse of power charges, the indictment affirms that Hang exploited her position as General Director to carry out acts of purchasing and transferring gold raw materials from external sources to the Deputy Director of the Gold Refinery, Tran Tan Phat.
Concurrently, Hang directed the Refinery Director, Mai Quoc Uy Vien, and Tran Tan Phat to mix external gold raw materials into 56 batches of gold that SJC reprocessed due to deformation, as requested by the State Bank of Vietnam. This resulted in the illegal production of 6,255 taels of SJC gold bars, causing a loss of over 74.8 billion VND and generating an illicit profit of 64 billion VND.
The indictment also points out that the former SJC General Director instructed the Director of SJC Haiphong Branch to procure gold raw materials from external sources for Tran Tan Phat to produce 11,503.75 taels of SJC gold rings, violating regulations and causing a loss of over 15 billion VND, with a gain of more than 6.6 billion VND.
Hang is further accused of directing the directors of SJC branches in Haiphong and Central Vietnam and the Head of SJC Gold Business Department to sell only a portion of the stabilization gold to customers at the official price. The remaining gold was kept and sold externally at prices higher than the listed rates, contravening regulations.
From June 14, 2024, to August 27, 2024, SJC’s Haiphong, Central, and Gold Business Departments fictitiously listed the sale of 7,049 taels of gold to 4,342 customers, causing a loss of 5.7 billion VND.
In total, Hang is accused of personally benefiting by 73.5 billion VND from these actions.
How Did the Former CEO of SJC Bypass the State Bank’s Supervision to Introduce External Gold Materials for Production?
“A scandal has rocked the gold industry as allegations surface of a sophisticated scheme involving the illegal production and distribution of gold bars and rings. At the center of the controversy is Le Thuy Hang, who is accused of orchestrating a plan to source raw gold from unknown outside sources and smuggle it into her workshop. Taking advantage of lax supervision, Hang and her accomplices are believed to have illicitly manufactured and distributed the gold items, raising serious concerns among authorities and highlighting the need for tighter controls in the industry.”
A Web of Embezzlement: The $3 Million Scandal Involving the Former CEO of SJC.
The Supreme People’s Procuracy of Vietnam has revealed that Le Thuy Hang, the former CEO of Saigon Jewelry Company Limited (SJCL), illegally profited to the tune of over VND 73 billion ($3.1 million). Hang is accused of issuing directives that contravened the law, resulting in significant personal gain.
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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.
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