Le Thuy Hang, former general director of state-owned Saigon Jewelry Company, allegedly sold gold meant for price stabilization on the black market to embezzle VND73.5 billion (US$2.8 million), according to prosecutors.
She has been charged with “embezzlement of property” and “abuse of position and power while performing official duties,” according to the Supreme People’s Procuracy.
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Le Thuy Hang, former SJC general director. Photo courtesy of SJC |
It accused her of directing Tran Ngoc Minh Thu, head of SJC’s gold trading department, to create 591 fake bullion sale orders between July 20 and August 30 last year.
The gold had been meant for sale at stabilized prices determined by the State Bank of Vietnam to dampen a surge in prices that occurred last year.
But Thu created fake invoices to get 883 taels of 37.5 gm each of gold worth VND69 billion out of SJC’s inventory and sold them to black market customers at higher rates to pocket VND400 million.
Hang took VND330 million and Thu got the rest. The illegal transactions were all done at the SJC headquarters in HCMC.
Hang went on to repeat the scheme in the cities of Hai Phong and Da Nang. She instructed branch directors in Hai Phong and Da Nang to take 2,820 and 2,408 taels out.
In all Hang stole VND73.5 billion in this manner and caused losses of over VND107.4 billion to the government.
