October 22, 2025Oct 22 Photo courtesy of VN Express Former CEO of Saigon Jewelry Company, Le Thuy Hang, is appealing a court ruling that requires her to pay restitution of 10,800 taels (405 kilograms) of gold. The People’s Court of HCMC reported that Hang claims she lacks the financial resources to meet this obligation. Hang is also seeking a reduction in her 25-year prison sentence related to charges of embezzlement and abuse of her position. Le Thuy Hang was convicted earlier this month for purchasing gold from unapproved sources to produce gold bars at SJC, once Vietnam’s only bullion producer until October 11 when its monopoly ended. The court found that she illegally manufactured 10,800 taels using such gold, for which she was ordered to compensate the government. Hang contends that the restitution amount was wrongly calculated, alleging it includes legally sourced gold as well. Hang was also found guilty of other offenses, such as appropriating 3.6 kilograms of gold and engaging in black market sales. The verdict has significant implications for the industry, as it coincides with the lifting of SJC's monopoly on bullion production. The case has drawn attention to regulatory oversights and the methods used to account for gold sourcing and production. As the appeal proceedings continue, the court will review Hang’s financial claims and the validity of the restitution figure. The outcome may set a precedent for similar cases in Vietnam and impact the country's legislative approach to corporate governance in state-owned enterprises. Key Takeaways Former SJC CEO appeals a ruling demanding 405 kg gold restitution. CEO claimed financial incapability and challenges her 25-year sentence. Appeals proceedings may influence Vietnam's corporate governance laws. Related stories: Police Officer Arrests His Own Wife Over Embezzlement Warrant Former MP Arrested for Embezzlement After Fleeing to Laos Adapted by ASEAN Now from VN Express 2025-10-22
Create an account or sign in to comment