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

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