On September 30, the Ho Chi Minh City People’s Court sentenced former CEO of Saigon Jewelry Company (SJC), Le Thuy Hang, to 25 years in prison for “Embezzlement” and “Abuse of Power.”
Fifteen accomplices received sentences ranging from 2 years (suspended) to 22 years and 6 months for the same charges. (Specific sentences)
During the trial, SJC, the victim, demanded compensation for 95.8 taels of gold and over 100 billion VND in damages caused by the defendants’ illegal actions.
The court determined that the damages were directly linked to the crimes and calculated based on the value at the time of the trial.
Defendants in court
The total embezzled amount includes 95.8521 taels of gold and 3.2 billion VND. The abuse of power resulted in 97.6 billion VND in losses, with 1.8 billion VND being SJC’s production costs. The remaining 95 billion VND represents illicit profits, which are state assets.
The court ordered the defendants to return these profits to the state treasury. All defendants acknowledged their obligation to compensate SJC.
The court partially granted SJC’s claim, ordering compensation based on SJC’s gold price (128.3 million VND/tael on September 25, 2025), plus production costs. The total compensation to SJC is 21 billion VND (15.9 billion VND for gold, 3.2 billion VND for embezzled funds, and 1.8 billion VND for production costs). The 95 billion VND in illicit profits must be returned to the state.
Compensation and Payments Made:
| No. | Name | Compensation to SJC | State Recovery | Family Payments |
|---|---|---|---|---|
| 1 | Le Thuy Hang (Former SJC CEO) | 14.5 billion VND | 73 billion VND | 45 billion VND (330 million VND from Tran Hoang Minh Thu held for Hang’s obligations) |
| 2 | Mai Quoc Uy Vien (Former Gold Workshop Director) | 286.6 million VND | 1.120 billion VND | 600 million VND |
| 3 | Tran Tan Phat (Former Deputy Director) | 1.126 billion VND | 7.04 billion VND | 5 billion VND |
| 4 | Doan Le Thanh (Former Employee) | 50 million VND | 1.190 billion VND | 1.110 billion VND |
| 5 | Hoang Le Hue (Former Central Region Director) | 866.6 million VND | 2.243 billion VND | 1.368 billion VND |
| 6 | Nguyen Thi Loc (Former Accountant) | 70 million VND | 90 million VND | 160 million VND |
| 7 | Nguyen Thi Thu Hien (Former Store Manager) | 70 million VND | 60 million VND | 130 million VND |
| 8 | Nguyen Thi My Lien (Former Cashier) | 70 million VND | 60 million VND | 130 million VND |
| 9 | Tran Hien Phuc (Former Chief Accountant) | |||
| 10 | Nguyen Thi Loc Man (Former Employee) | 30 million VND | 30 million VND | |
| 11 | Nguyen Thi Hue (Former Hai Phong Director) | 500 million VND | 7.199 billion VND | 1 billion VND |
| 12 | Phan Xuan Huy (Former Technician) | 118 million VND | 180 million VND | |
| 13 | Nguyen Dinh Trang Quynh Anh (Former Cashier) | 60 million VND | 60 million VND | |
| 14 | Truong Cong Anh (Former Employee) | 30 million VND | 1.190 billion VND | 1.190 billion VND |
| 15 | Vo Huu Phu (Former Employee) | 10 million VND | 670 million VND | 700 million VND |
| 16 | Tran Ngoc Minh Thu (Former Sales Manager) | 70 million VND | 70 million VND |
Former SJC CEO Ordered to Return Nearly 11,000 Taels of Gold
The court also ordered the return of illicitly gained gold to the state treasury. Le Thuy Hang must return 5,411 SJC gold bars and 5,410 gold rings; Nguyen Thi Hue, 5,409.15 gold rings; Tran Tan Phat, 525 gold bars and 435 gold rings; Mai Quoc Uy Vien, 81 gold bars and 90 gold rings; Doan Le Thanh, 94 gold bars and 53 gold rings; Truong Cong Anh, 94 gold bars and 53 gold rings; Vo Huu Phu, 50 gold bars and 53 gold rings. Le Thi Anh Minh must return 390 gold rings. The value will be based on SJC’s listed prices at the time of execution.
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