CaliToday (08/9/2025): The Supreme People's Procuracy of Vietnam has formally announced the prosecution of Ms. Le Thuy Hang, the former Director General of Saigon Jewelry Company Limited (SJC), on charges of "violating regulations on the management and use of State assets, causing losses and waste."
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| Ms. Le Thuy Hang, the former Director General of Saigon Jewelry Company Limited (SJC) |
The indictment alleges that Ms. Hang, along with several accomplices, engaged in activities that led to financial damages exceeding VND 107 billion (approximately USD 4.2 million) for the state-owned enterprise.
SJC, a 100% state-owned company under the People's Committee of Ho Chi Minh City, is Vietnam's most prominent and trusted gold brand. The case has drawn significant public attention, highlighting the country's ongoing and intensified anti-corruption campaign.
According to the investigation, the losses stemmed from a scheme involving the improper sale of gold scraps, which are by-products of SJC's gold bar and jewelry production. Investigators allege that from 2017 to 2018, Ms. Hang and other officials deliberately mismanaged the process of pricing and selling these materials.
The prosecutor's office claims that the accused individuals did not follow proper market-based pricing procedures. Instead, they allegedly sold the gold scraps to a private entity, Duy Truong Jewelry Co., Ltd., at prices significantly lower than their actual market value. This illicit arrangement is believed to have directly caused the substantial financial deficit for SJC, which constitutes a loss for the State.
Alongside Ms. Le Thuy Hang, several other former SJC officials are facing similar charges, including the former Head of the Production and Business Department and other key personnel involved in the asset valuation and sales process.
The charges against Ms. Hang fall under Clause 3, Article 219 of the 2015 Vietnamese Criminal Code, which pertains to severe violations in the management of state assets. If convicted, the defendants could face significant prison sentences.
This prosecution is the latest in a series of high-profile cases targeting corruption and economic mismanagement in Vietnam's state-owned sector. The government's sweeping anti-corruption drive, often referred to as the "blazing furnace" campaign, has seen numerous high-ranking officials and business leaders investigated and brought to justice in recent years, reinforcing the state's commitment to transparency and the rule of law.
The case is now being transferred to the People's Court for trial proceedings to commence.
