As VietNamNet reported, on December 31, Major General Hoang Anh Tuyen, spokesman for the Ministry of Public Security, provided specific information about the case that occurred at Saigon Jewelry Company Limited (SJC Company).

Accordingly, the Ministry of Public Security's Investigation Police Agency has prosecuted a total of 6 defendants on 2 charges: Embezzlement of property; Abuse of position and power while performing official duties.

Among them, Ms. Le Thuy Hang, General Director of SJC Company, was prosecuted for "Abusing position and power while performing official duties". According to Major General Hoang Anh Tuyen, initial investigation results showed that the defendants took advantage of the purchase and sale of gold to stabilize prices, creating fake documents and books to appropriate money and gain illegal profits.

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Ms. Le Thuy Hang. Photo: SJC.

Ms. Le Thuy Hang has a Master's degree in Business Administration and a Master's degree in Banking and Finance.

Ms. Le Thuy Hang was appointed by the Ho Chi Minh City People's Committee as General Director of Saigon Jewelry Company Limited (SJC) on December 2, 2019. Before being appointed to the highest position in the executive board, Ms. Hang was Deputy General Director.

During her tenure as General Director, SJC's report noted that Ms. Hang had a high salary, second only to Mr. Tran Van Tinh, Chairman of SJC.

Specifically, in 2022, Ms. Hang's salary is calculated to be more than 547 million/year and in 2023, her salary will be 552 million/year, excluding bonuses and other income.

In 2024, due to the market situation of SJC gold price being 18 million VND per tael higher than the converted world price, the State Bank organized a gold auction to supply the market. Then, from June 3, 2024, the State Bank of Vietnam (SBV) will sell gold directly to 4 state-owned commercial banks, after which SJC will also participate in selling gold under this system.

SJC's report dated June 28, 2024 signed by Ms. Le Thuy Hang assessed: In the recent past, the world and domestic gold markets have been complicated, domestic gold prices have fluctuated strongly, increased rapidly, negatively affecting the safety of the financial and monetary markets and social psychology. It is forecasted that in the coming time, when domestic gold prices continue to increase following world gold prices, it will affect the entire macro economy. Seeing gold prices increase sharply, people will fear that inflation will increase, leading to the phenomenon of "following the flow of water, prices of goods may also be adjusted to increase".

"To stabilize and develop a safe, healthy, effective and sustainable gold market, SJC Company has proposed solutions to stabilize gold prices in the market, while limiting gold speculation and hoarding," SJC's report signed by Ms. Hang stated.

SJC's report also provides the following direction: In the face of difficulties and challenges, SJC will continue to implement solutions such as using capital savings, reducing indirect costs and promoting promotional activities, while using financial tools, balancing the amount of gold bars, gold jewelry, jewelry, and gemstones to stabilize the market.... to strive to complete the production and business plan targets for 2024.

The last time Ms. Le Thuy Hang contacted the media was in early August 2024 after SJC stopped purchasing 1-character SJC gold (produced before 1996) and the gold was dented due to objective reasons. At that time, Ms. Hang said that the reason was that SJC had arranged enough resources to reprocess and would continue to purchase 1-character gold and dented gold.

Then, on October 18, the Ho Chi Minh City People's Committee appointed Mr. Dao Cong Thang as Acting General Director of SJC.

According to the introduction on SJC's website, Mr. Thang is currently the only member of the Board of Directors. SJC's Board of Directors currently has only two members: Mr. Tran Van Tinh (Chairman of the Board of Directors) and Mr. Nguyen Tien Phuoc (member of the Board of Directors), while Mr. Nguyen Cong Tuong is the only member of the company's Board of Supervisors.

SJC is the only gold trading enterprise 100% owned by the State, managed by the People's Committee of Ho Chi Minh City. Since 2012, this enterprise has been selected by the State Bank as the exclusive producer of gold bars and is responsible for the quality of SJC gold bars.

According to the audited financial report, in 2023, SJC recorded revenue of more than VND 28.4 trillion (equivalent to more than USD 1.1 billion) but after-tax profit only reached nearly VND 61 billion. Cost of goods sold accounted for almost all revenue, reaching nearly VND 28.2 trillion.

Previously, in 2022, SJC recorded revenue of nearly VND 27,200 billion, but after-tax profit was only VND 49.2 billion.

In 2021, revenue was nearly 17,700 billion VND, profit was also very modest at 43.3 billion VND. In 2020, it was 23,500 billion VND and profit was nearly 55.8 billion VND. In 2019, revenue was 18,600 billion VND, profit was only 52.5 billion VND. In 2018, SJC had revenue of 20,900 billion VND, profit of 27.8 billion VND. In 2017, revenue was 22,900 billion VND, profit of 81.3 billion VND...

SJC also recorded large inventories. By the end of 2023, inventories (mainly gold) reached VND1,446 billion, very large compared to total assets of VND1,898 billion.

In addition to Ms. Le Thuy Hang, who was prosecuted for the crime of "Abusing position and power while performing official duties", the other defendants with the same crime include: Mai Quoc Uy Vien (born in 1964), Director of the gold workshop, SJC; Tran Tan Phat (born in 1983), Deputy Director of the gold workshop and Nguyen Thi Hue (born in 1977), Director of the Hai Phong branch of SJC.

The two defendants prosecuted for the crime of "Embezzlement of property" are: Hoang Le Hue (born 1976), Director of the Central branch; Nguyen Thi Loc (born 1988), accountant of the Central branch.