Vietnam jails former officials over gold bar graft: state media / Photo: HOANG DINH NAM - AFP/File
-
Belgium Signs Contract for 20 Rheinmetall Skyranger Air Defence Systems
-
Shanghai Science and Technology Museum Signs Pacts With London and Ottawa Institutions at CIIE
-
RBI Data Reveals Divergence in Credit Card Spending and Debit Card Cash Withdrawals
-
First-time boat buyers advised to assess full ownership costs
-
Panthers expected to begin 2027 NRL season away from new stadium
-
Planning and preparation can reduce stress of interstate relocation
-
Sweet As app launches restaurant discovery platform
-
Two more arrested in Carrie Mullane suspected murder investigation
-
Phoenix Restaurants Offer Thanksgiving Dinner to Go for Pickup
-
MLA seeks inquiry into reported sectarian gestures on Ormeau Road
-
Mayo school appeals for information after convent and chapel vandalism
-
Louise O’Reilly attacks Simon Harris over unemployment remarks
-
Virginia overwhelms Arkansas 91-72 behind balanced scoring
-
Canadian soldier Aidan Goulding remembered at Vancouver funeral
-
Second major storm brings destructive winds and outages to British Columbia
-
Tayyab Arif hits 57 on Pakistan Test debut against Sri Lanka
-
Godzilla Minus Zero leads North American box office with $31.6m
-
Robert Trujillo discusses literacy and social justice children’s books
-
Advocate calls for coordinated support for children facing trafficking
-
Civil rights advocate William Bill Tucker dies aged 98
-
Medicare Open Enrollment Ends Dec. 7: Review Your Coverage Options
-
Pennsylvania Democrats secure state trifecta in midterm elections
-
US Treasury order targets bank transfers linked to crypto exchange MEXC
-
Godzilla Minus Zero sets foreign-language box-office opening record
-
Nvidia CEO Controversy Sparks Fears of Tighter U.S. AI Chip Curbs for Samsung and SK hynix
-
Eagles record six sacks as rushing attack struggles against Giants
-
Villeneuve teases James Bond casting at Los Angeles museum gala
-
Thames Water seeks to delay £12bn in debt repayments
-
Nottinghamshire launches specialist rural crime policing team
-
Newark boxing gym expands alternative education programme
-
China confirms talks over possible Xi-Putin-Trump summit
-
Democrats consider impeachment drive against Defence Secretary Hegseth
-
Rail journey offers a slower route to a Berlin city break
-
Energy bill plan could use HMRC income data to target support
-
Arsenal control title race as Manchester United fall into bottom three
-
Business owner earning £6,000 a month tackles £70,000 debt
-
Suspected Krakow gunman dies after attack that killed six
-
Nvidia chief faces inquiry after disclosing affair with suspected Chinese agent
-
Carrick backs Dalot after hostile reception from Manchester United fans
-
Comet returns as online electrical marketplace 14 years after collapse
-
Aston Villa Defy History With Rare Victory at Old Trafford
-
Brussels Education Unions Schedule Major November Protest Over Funding and Reforms
Vietnam jails former officials over gold bar graft: state media
A court in Vietnam sentenced on Tuesday 16 people at its only state-sanctioned producer of gold bars to lengthy prison terms in a corruption case involving millions of dollars and hundreds of kilograms of bullion, state media reported.
State-owned Saigon Jewelry Company (SJC) has maintained a monopoly on gold bullion production in Vietnam since 2012.
But the State Bank of Vietnam announced in August that it will allow qualified commercial banks and enterprises to churn out gold bars starting October 10, replacing the former state-exclusive mechanism.
The court ruled on Tuesday that SJC's former CEO, Le Thuy Hang, had pocketed $2.7 million and caused a loss of $4 million to state coffers and SJC "through a series of fraudulent schemes", according to state media.
At the end of a five-day trial in Ho Chi Minh City, Hang was sentenced to prison for 25 years for property embezzlement and abuse of power, the report said.
Her 15 accomplices -- all SJC staff -- were given prison terms ranging from two years, suspended, to more than 22 years on the same charges.
Between 2021 and 2024, Hang directed her subordinates to inflate the loss rate when processing 10 tonnes of SJC-branded gold bars, appropriating nearly 3.6 kilograms of gold.
They falsified documents to legalise the surplus gold and sold it for personal gain, according to the report.
The court also said that while handling dented gold bars assigned by the central bank to process, Hang had around 235 kilograms of SJC gold bars and tens of thousands of gold rings illegally manufactured and sold for profit.
Hang also ordered her staff to create a fake customer list to smuggle out about 34 kilograms of gold.
"The defendants had conducted very sophisticated acts, bypassing the tight monitor by the State Bank of Vietnam," VNExpress said, quoting the verdict.
"They had abused state policy and their power to violate the state gold management mechanism, causing instability to the market."
The defendants were ordered to pay back a total of about 640 kilograms of gold to the state, the court ruled.
Families and businesses in Vietnam have long relied on the precious metal as a store of value, personal savings and a hedge against currency depreciation.
Its price in Vietnam is typically higher than the global trading price due to local taxes and market distortions.
O.Karlsson--AMWN
