Le Thuy Hang, born in 1970, served as General Director of Saigon Jewelry Company Limited (SJC) starting in December 2019. She was recently indicted in a criminal case involving the company.

On December 31, Major General Hoang Anh Tuyen, spokesperson for the Ministry of Public Security, provided details on the case at SJC.

The Ministry's investigation agency has prosecuted six individuals for two charges: embezzlement of assets and abuse of power in performing official duties.

Among them, Le Thuy Hang, SJC's General Director, faces charges of "abuse of power while performing official duties."

Initial investigations revealed that the accused exploited gold price stabilization activities, falsifying records and documentation to misappropriate funds for personal gain.

SJC’s operations under scrutiny

Hang, holding dual master’s degrees in business administration and finance and banking, was appointed General Director of SJC by the Ho Chi Minh City People’s Committee on December 2, 2019.

Before assuming her role as General Director, she served as Deputy General Director.

During her tenure, SJC's reports listed Hang’s salary as second only to Chairman Tran Van Tinh.

In 2022, her calculated annual salary was approximately VND 547 million (over $22,300), and in 2023, it rose to VND 552 million (about $22,500), excluding bonuses and other benefits.

Gold price challenges and policy shifts

In 2024, as SJC gold prices exceeded international gold prices by VND 18 million ($738) per tael, the State Bank of Vietnam held gold auctions to stabilize the market.

Starting June 3, 2024, the State Bank sold gold directly to four state-owned commercial banks, with SJC participating in distribution.

A June 28, 2024, report signed by Hang acknowledged market volatility.

"Global and domestic gold markets have been highly volatile, with domestic prices rising sharply.

This has negatively impacted financial and monetary market stability and public sentiment.

If domestic gold prices continue to follow global trends, macroeconomic effects will be significant.

Concerns over inflation may cause cascading price increases for various goods," the report warned.

The company proposed measures for a safer and more sustainable gold market, including price stabilization strategies to curb speculation and hoarding.

SJC’s 2024 plans aimed to reduce indirect costs, promote marketing activities, and balance gold bullion and jewelry inventory to stabilize the market and meet production targets.

Management changes and financial performance

In October 2024, Ho Chi Minh City appointed Dao Cong Thang as Acting General Director of SJC.

SJC’s financial reports revealed substantial revenues but modest profits.

In 2023, the company recorded revenue exceeding VND 28.4 trillion (over $1.1 billion) but achieved a post-tax profit of just VND 61 billion ($2.5 million).

This pattern of high revenue and slim profit margins has persisted for years, with inventory (mainly gold) amounting to VND 1.446 trillion ($59 million) by the end of 2023, a significant share of total assets valued at VND 1.898 trillion ($77 million).

In addition to Hang, others indicted for "abuse of power while performing official duties" include Mai Quoc Uy Vien, Director of SJC’s gold workshop; Tran Tan Phat, Deputy Director of the workshop; and Nguyen Thi Hue, Director of SJC’s Hai Phong branch.

Two others, Hoang Le Hue and Nguyen Thi Loc, were charged with "embezzlement of assets."

Tuan Nguyen