Vietnam’s State Bank Inspectorate has referred Phu Nhuan Jewelry (PNJ) to the Ministry of Public Security amid allegations it has violated multiple regulations related to gold trading, tax compliance, and anti-money laundering, VietnamNet has reported.
Key details:
- PNJ is accused of misreporting gold bar transactions, engaging in unfair competition, and mislabelling gold jewellery and fine art products. The inspection found possible tax violations, as well as irregularities in the use of invoices and vouchers.
- Specific issues include delayed issuance of sales invoices, missing customer identity information, and non-compliance with anti-money laundering reporting requirements.
- Following the inspection, PNJ was fined VND 1.34 billion, equivalent to approximately US$51,540, for administrative violations related to gold trading and money laundering oversight.
- The referral to police indicates potential criminal charges, though no formal charges have yet been laid.
Of note, Phu Nhuan Jewelry (PNJ) closed down yesterday at VND 82.50, a drop of 1.79 percent on the day with a modest trading volume of just 230 shares.
Foreign investors were net sellers, offloading 51,664.5 shares while purchasing 49,060 shares.
Despite this, PNJ still retains 15,938.2 shares available for foreign ownership.
See also: How to Open a Trading Account in Vietnam