Archive · 30 Sep 2025
Vietnam Ex-Jewelry CEO Jailed for Gold Scheme
In Vietnam, the former CEO of Saigon Jewelry Co., Le Thuy Hang, and 15 others were found guilty of a gold trading scheme.
Hang, who ran the country's only legal gold bar producer, was sentenced to 25 years in prison.
They were accused of taking advantage of government rules, like the central bank's program to stabilize gold prices, to make money.
The group allegedly diverted state-supplied gold to private buyers at higher prices.
This caused losses and the convictions occurred amidst broader anti-corruption efforts, with the state looking to change the way gold is traded.
Le Thuy Hang, ex-CEO of Saigon Jewelry Co., was sentenced to 25 years.
The convictions involve embezzlement and abuse of power charges.
The defendants diverted gold to private buyers at higher rates.
The scheme caused over 107 billion dong in losses.
The case highlights shortcomings in Vietnam's gold trading practices.
- Who
- Le Thuy Hang and 15 others.
- What
- Were convicted for a gold trading scheme.
- When
- Recently.
- Where
- Vietnam.
- Why
- They were found guilty of embezzlement and abuse of power in relation to gold trading practices.
- Defendant
- Le Thuy Hang
- Company
- Saigon Jewelry Co. (SJC)
- Sentence
- 25 years
- Charges
- Embezzlement and abuse of power
- Losses
- Over 107 billion dong ($4 million)