Accused members of International Gold Trading Joint Stock Company stand trial in Hà Nội. — VNA/VNS Photo Kim AnhViet Nam News HÀ NỘI — The Hà Nội People’s Court opened the first hearing in an illegal gold trading case against International Gold Trading Joint Stock Company (IG JSC) on Monday. Of the 11 accused, ten were charged with illegal trading in accordance with Article 159, clause 2 of the 1999 Panel Code. They are Mai Xuân Tú, general director of IG JSC; Lương Trần Hưng, director of the Hải Dương branch; Lưu Công Khánh, Lưu Trung Kiên and Vũ Văn Thuấn, staff of the Thanh Hóa branch; Phạm Đức Tài, Trần Hồng Nhung, Nguyễn Ngọc Thế, Nguyễn Ngọc Giới, staff of IG JSC and Nguyễn Doãn Hùng, director of Nhân Đôi Consultancy one member limited … [Read more...] about Trial opens in illegal gold trading case
Gold bar osrs
HCM City to return 10 kilos of gold to local man
Ho Chi Minh City People's Court has just asked the municipal people's committee to return 10 kilos of gold which they seized from a local gold trader in a civil case in 2014. In May 2014, Ho Chi Minh City's police seized 10 kilos of gold from Pham Duy Hieu, director of Anh Phuong Gold and Jewelry Company after the gold was verified as not being produced in Vietnam. Hieu was also given a fine of VND 15 million (USD 661) for trading trafficked goods. At that time, Hieu insisted that the ten gold bars weighing one kilo each are his personal property which was given by his mother-in-law to his wife and him at their wedding in 2008 and was not for sale. He eventually took the Ho Chi Minh City administration to court but his lawsuit was dismissed by a trial by the Ho Chi Minh City People’s Court on January 26, 2016. Hieu then lodged an appeal to the higher-level People's High Court of Ho Chi Minh City which ruled in his favour, requesting that the Ho Chi Minh City administration … [Read more...] about HCM City to return 10 kilos of gold to local man
SBV calls for end to use of gold for savings and lending
SBV calls for end to use of gold for savings and lending The State Bank of Vietnam (SBV) has issued a circular to require credit organisations to stop allowing the depositing and lending of gold. Credit organisations will however be allowed to issue short-term gold certificates to the value of the gold deposits until November 25 this year when the issuance will terminate. Credit organisations are responsible for informing the SBV in advance when issuing certificates, clearly defining the necessity and purpose of the issuance. The organisations also need to lower deposit interest rates for the certificates to reduce gold deposits. Any activities in gold showing violations will be inspected by branches of the SBV in localities. According to the SBV, stopping gold deposits and lending is among some of the SBV’s moves to while considering the issuance of business licenses for gold bar trading. The SBV is completing a draft law on the production and … [Read more...] about SBV calls for end to use of gold for savings and lending
Gold dog products attract customers on the God of Wealth Day
Many people are flocking to buy gold dog products to welcome the God of Wealth into their shops and homes on January 10 of the Lunar calendar for a lucky year. Many people are flocking to buy gold dog products to welcome the God of Wealth Day The God of Wealth Day this year falls on February 25. According to some gold sellers, the revenue on this day alone can yeild as high as an entire fiscal quarter so they have prepared all manner of gold commodities over the past six months leading up to this day. Gold bars, gold coins and 12 zodiac-related products are favoured. As 2018 is the year of the dog, gold dog products are seeing brisk sales. Many people buy dog statues to help guard their houses from dangers and bring prosperity in the new year. Dong Thi Thuy from Ha Dong District, Hanoi, said she and her friends had already ordered gold dog products several days ago to avoid the crowds. Many people also decided to buy gold early to avoid queuing. On February 22, Saigon … [Read more...] about Gold dog products attract customers on the God of Wealth Day
Locals rush for SJC gold as price stays low
Locals rush for SJC gold as price stays low By Thanh Thuong - The Saigon Times Daily HCMC – Local people on Wednesday rushed to buy gold bearing the brand of Saigon Jewelry Company, as prices remained attractive, with the company quoting its spot price at VND44.8 million a tael. Within on Wednesday morning, the bullion trader sold as much as 7,000 taels of gold, but the demand ebbed in the afternoon, with an additional 500 taels sold out. A tael is equal to 1.2 troy ounces. Nguyen Cong Tuong, vice manager of the sales department of SJC, attributed “the gold rush” to his company offering a softer price than other brands, while SJC is the benchmark product on the local bullion market. Tuong said sales in the afternoon decreased sharply as the people were afraid that the local price would fall further in line with the global downtrend. SJC on Wednesday afternoon bought gold at VND44.5 million a tael and sold it at VND44.8 million, an increase of VND250,000 from the … [Read more...] about Locals rush for SJC gold as price stays low