When the gold industry giants are "named"
Gold trading is considered a special “playground” where people’s trust is closely tied to the names of big brands. However, in the State Bank’s inspection report published on May 30, companies considered “symbols of trust” such as SJC, PNJ or Bao Tin Minh Chau were the first names mentioned by the management agency with a series of violations, from weaknesses in internal management, false reporting to signs of money laundering and tax evasion.
The common point between these businesses is not the scale but the level of violation, enough for the inspection agency to transfer the entire file to the Ministry of Public Security . This is an unprecedented move, but according to many experts, it is necessary in the context of the gold market showing signs of unusual fluctuations and high potential risks to the economy.
Specifically, Saigon Jewelry Company Limited (SJC), a key player in the gold bar market, was found to have a very loose pricing mechanism. According to the inspection conclusion, from October 2023 to April 2024, the buying and selling prices of gold at SJC were entirely decided by the General Director, without going through the price council, without internal procedures, and without transparent criteria. This "personalized power" gold pricing is considered to violate governance principles and can directly affect the entire market.
Notably, during the above period, domestic gold prices recorded many strong fluctuations, with large differences compared to world prices, raising concerns about price manipulation by large enterprises. Although there is not enough basis to determine unreasonable price increases, the fact that an individual decides the selling price of tens of thousands of taels of gold every day clearly raises serious issues regarding risk management and market control.
Not stopping there, SJC also committed a series of other violations: Invoices without tax codes, not processing erroneous invoices, under-declaring taxes leading to reduced corporate income tax obligations, and not fully collecting customer data as required for anti-money laundering.
More worryingly, according to the inspection conclusion, SJC has not yet built a risk management system to identify customers with political influence, a mandatory factor in anti-money laundering work. Suspicious transactions are also not reported according to regulations, and there is no specialized internal audit. This makes the public wonder: With a dominant market share, is SJC "outside" the national financial supervision system?
From gold prices to... unpaid taxes, signs of money laundering
Similarly, Phu Nhuan Jewelry Joint Stock Company (PNJ), a long-standing brand that is listed on the stock exchange, was also found to have committed many violations with signs of criminality. According to the State Bank of Vietnam’s inspection conclusion announcement, PNJ reported incompletely on gold bar trading activities, issued invoices at the wrong time, had transactions with missing customer information, or used unauthenticated ID/CCCD numbers.
Despite some positive changes in anti-money laundering, PNJ still does not meet standards: No customer risk classification, no reporting of large value transactions, no account blocking process as prescribed, no internal audits and no guidelines for assessing money laundering risks.
One noteworthy point is that PNJ's violations are not just administrative shortcomings but have reached the level of having to transfer the case to the investigation agency, which is very rare for a public company actively operating in the capital market.
Meanwhile, Bao Tin Minh Chau Company Limited, a large enterprise in the North, was also discovered to have sold gold at a higher price than the listed price, violated reporting regulations, and failed to publish shipping policies and handle complaints on the e-commerce platform. Internal regulations on anti-money laundering were also determined to be “inappropriate and lacking in content”.
The State Bank of Vietnam’s inspectors pointed out that Bao Tin Minh Chau did not store mandatory transactions, did not assess customer risks, and did not train staff on money laundering, while these are the minimum requirements for businesses involved in large cash flows. In addition, the improper declaration of gift expenses in the cost price also caused the business to be determined to have reduced the amount of value added tax payable.
Due to the level of violation exceeding the administrative threshold, this company's file has also been transferred to the Ministry of Public Security.
After May 30, when the inspection results were announced, a reality became clear: There is no longer an “immune” zone for large gold businesses. All three brands, which are considered “pillars” of the market, are facing criminal investigations, not to mention the risk of further action if signs of tax evasion, price manipulation or organized money laundering are discovered.
Economists say this can be considered a turning point in the management of the gold market in Vietnam. Up to now, this sector has not been closely scrutinized in terms of internal control and legal compliance. If carried out thoroughly, the “strong” handling of leading enterprises will be a necessary step to restore order, as well as restore people’s confidence in the transparency and stability of the gold market.
Source: https://doanhnghiepvn.vn/kinh-te/sjc-pnj-bao-tin-minh-chau-bi-thanh-tra-thi-truong-vang-khong-con-vung-mien-nhiem/20250530102618739
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