Vietnam prisoners former Saigon jewelry CEO in Gold Case, says VNEXpress, says VNEXPRESS

(Bloomberg)-A Vietnam court has convicted a former top officer and 15 others in a case that brought to light in the state’s monopoly on gold trade, which is now being deleted in favor of a more market-oriented approach. Le Thuy Hang, the former CEO of Saigon Jewelry Co., was sentenced to 25 years in prison for eclipse and the abuse of power to take advantage of the government policy related to the previous metal, reports VNEXpress, citing court proceedings. SJC, as the firm is known, was the only legal producer of gold bars at the time. According to the report, it was found that the brain was found to be of a scheme that described prosecutors as the re -processing of gold bars, the production of rings and the abuse of a central banking program to stabilize prices of the precious metal. The 16 defendants were accused of deducing the price difference from state students to private buyers at higher rates, causing a loss of more than 107 billion Dong ($ 4 million) to SJC, state -run Nguoi Lao Dong reported earlier. The convictions come a day after the central bank released draft regulations for a new market structure that will abandon the state on the trade of the precious metal. The reforms are aimed at ending distortions that have left local gold prices at a significant premium to foreign levels, which led to smuggling and pressure on the dong. The case also comes amid a perennial anti-corruption suppression that decorated hundreds of officials and managers, including property magnate Truong my lan, who imposed a death sentence. The so -called “Blazing Furnace” campaign also led to the resignation of two former presidents and three deputy prime minister. It was not immediately clear whether the convicted would appeal the convictions or sentences. -With help from Cao Ban and Nguyen Dieu Tu Uyen. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP