The SJC case continues to draw attention as Le Thuy Hang, former CEO of Saigon Jewelry Company (SJC), has filed an appeal with the HCMC High People’s Court. She seeks a reduced sentence and a review of the requirement to forfeit 10,800 taels of gold to the state treasury.
Why the 10,800 Taels of Gold?
In the September verdict, the HCMC People’s Court sentenced Hang to 25 years in prison for “Embezzlement” and “Abuse of Power.” The court also ordered the defendants and related parties to compensate SJC and return illicit profits to the state.
The verdict divides the civil obligations into two parts. The first requires compensating SJC for nearly VND 21 billion (95 taels of gold, VND 3.2 billion in embezzled funds, and VND 1.8 billion in production costs). The second mandates returning VND 95 billion in illicit profits to the state treasury.
Defendants in court
Hang is ordered to return the largest share: 5,411 taels of gold bars and 5,410 taels of SJC gold rings, totaling over 10,800 taels. The value will be determined by SJC’s listed price at the time of execution.
Former CEO Claims “Unpayable” Debt
In her appeal, Hang argues that 10,800 taels exceeds her ability to pay. She claims the amount was calculated across multiple production batches, not solely from her direct criminal actions.
During the investigation and trial, defendants—including Hang, Tran Tan Phat, Mai Quoc Uy Vien, Doan Le Thanh, Hoang Le Hue, Nguyen Thi Loc, Nguyen Thi Thu Hien, and Nguyen Thi My Lien—paid over VND 49 billion to cover embezzlement losses and partial damages from abuse of power. Authorities also seized 429 taels of gold, six land-use rights from Hang, and two apartments from Phat.
The upcoming appellate trial will determine whether the 10,800-tael obligation will be adjusted or upheld.
Indictment of Former SJC Company CEO, Le Thuy Hang
Former SJC CEO, Ms. Le Thuy Hang, has been indicted on charges of embezzlement, illegal gold production, and selling stabilized gold at a premium. The allegations suggest a scheme to personally profit from the illicit activities.
“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.
