Former SJC CEO sentenced to 25 years in prison in gold case

She was also ordered to pay VND14 billion (US$529,905) in compensation to SJC and VND73 billion ($2.8 million) to the state budget.

Hang was the principal figure in a high-profile corruption case involving 16 defendants tied to serious violations at SJC, a state-owned enterprise tasked by the State Bank of Vietnam with producing and refining gold bullion and stabilizing gold prices on the domestic market.

According to the court's findings, Hang exploited her position to orchestrate a complex scheme that allowed her and her accomplices to misappropriate gold and manipulate company finances for personal gain.

She directed subordinates to fabricate reports that exaggerated permissible gold wastage levels during the refining process.

Based on these falsified reports, she authorized inflated allocations of raw gold, ultimately embezzling over 95 taels of gold, valued at VND8.4 billion ($317,660).

She personally benefited from more than 85 taels, equivalent to VND6.6 billion ($249,700).

Besides, Hang colluded with Hoang Le Hue, former director of SJC’s central branch, to falsify transaction documents–buying gold at high prices and selling at lower prices, to create artificial losses.

This scheme resulted in the misappropriation of VND3.2 billion ($121,070), with Hang receiving more than VND2.1 billion ($79,460).

Beyond direct embezzlement, Hang was found to have violated state regulations by authorizing the purchase of raw gold from external sources for 56 separate production batches.

She also illegally produced over 11,500 taels of SJC-branded gold rings and manipulated the distribution of state price-stabilization gold, selling only a portion to customers at regulated prices while offloading the rest at higher market rates.

These actions caused total state losses exceeding VND95.7 billion ($3.6 million), with Hang personally profiting by VND73.5 billion ($2.8 million).

The court determined she was the mastermind behind the entire operation, assigning tasks to co-conspirators and benefiting the most from the crimes.

Sentencing and financial penalties

The court sentenced Hang to 17 years in prison for embezzlement and eight years for abuse of power, for a total of 25 years.

She must repay VND14 billion to SJC and VND73 billion to the state.

The amount of VND45 billion ($1.7 million) that Hang has already submitted as part of the enforcement process, will continue to be held.

Other key sentences include:

- Mai Quoc Uy Vien, former director of SJC’s Tan Thuan Jewelry Factory: 15 years

- Tran Tan Phat, former deputy director of the same factory: 22.5 years

- Hoang Le Hue, former director of SJC-central branch: 16 years

- Doan Le Thanh, former factory employee: 12 years

Several lower-level employees received prison terms ranging from two to six years, with suspended sentences granted to a few.

In addition to criminal penalties, the court ruled that the other defendants share joint civil liability with Hang for the financial damages caused to both SJC and the state.