Hanoi (September 2025) – Former CEO of Saigon Jewelry Company Limited (SJC), Le Thuy Hang, has been indicted for allegedly orchestrating a large-scale scheme to divert gold bars intended for price stabilization into the black market, pocketing billions of dong in illegal profits.
According to the indictment issued by the Supreme People’s Procuracy of Vietnam, Hang faces charges of asset embezzlement and abuse of power while performing official duties. A total of 16 defendants have been prosecuted in connection with the case.
Price Stabilization Policy Exploited
In June 2024, the State Bank of Vietnam (SBV) began selling SJC gold bars directly to four state-owned banks and SJC itself, aiming to stabilize the gold market and narrow the gap between domestic and international prices. The gold was to be sold transparently to the public at regulated prices, with strict instructions prohibiting markups or resale outside official channels.
However, prosecutors allege that Hang abused her position as SJC’s CEO by ordering subordinates to sell only a portion of the gold at official prices, while diverting the rest into the unofficial market at higher rates. The profits were then split among Hang and her accomplices.
Fake Buyers and “Ghost” Transactions
Investigators discovered that Hang directed Tran Ngoc Minh Thu, SJC’s Head of Gold Trading, to create hundreds of fake purchase orders using fictitious customer names. This allowed large amounts of SJC gold to be siphoned off under the guise of legitimate sales.
From July 20 to August 30, 2024, Thu and her team issued 591 fraudulent invoices, diverting 883 taels of gold worth VND 69 billion. The scheme generated about VND 400 million in extra profits, of which Hang allegedly pocketed VND 330 million.
Expanding the Scheme Nationwide
The investigation further revealed that Hang extended her scheme to SJC branches in Hai Phong and Central Vietnam:
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In Hai Phong, branch director Nguyen Thi Hue created a list of 1,711 fake customers, diverting 2,820 taels of SJC gold valued at VND 221 billion. She resold at inflated prices, earning an illegal profit of over VND 1.1 billion, shared with Hang.
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In Central Vietnam, branch director Hoang Le Hue allegedly sold thousands of taels outside regulated channels, profiting more than VND 4.1 billion. Employees were even asked to “contribute gold” for repeated speculative cycles, multiplying illegal earnings.
Massive Personal Gains
Authorities estimate that Hang personally profited VND 73.5 billion from the manipulation scheme. Police have seized:
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429 taels of gold and 1.09 kg of bullion
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VND 28.4 billion in cash
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Six properties owned by Hang
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Two luxury apartments belonging to a co-defendant
National Impact
The case has raised major concerns about transparency and corruption in Vietnam’s gold market, especially as SJC holds a dominant role in the country’s bullion trade. The SBV has reiterated that gold allocated for price stabilization must be sold publicly, at listed prices, and with full accountability.
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Source: Vietnam Insider