GELEX (GEX) Board Member Dang Phan Tuong Prosecuted in EVNNPT Case

Overview

GELEX (HOSE: GEX) has confirmed that the criminal prosecution of board member Dang Phan Tuong, opened as part of the investigation at National Power Transmission Corporation (EVNNPT), does not affect the group or its subsidiaries. The company said the matter stems from a period before Tuong joined the governance of GELEX Electric and its member companies. GELEX Electric, CADIVI and THIBIDI have begun procedures to remove him from their boards.

Key Facts

• Dang Phan Tuong was prosecuted as a defendant in the investigation at EVNNPT (Tổng công ty Truyền tải điện Quốc gia).
• GELEX states the matter arose before Tuong joined the governance apparatus of GELEX Electric and its member companies.
• At GELEX Electric, Tuong served as a board member and did not directly manage day-to-day business operations.
• On 14 September 2026, the boards of GELEX Electric, CADIVI and THIBIDI issued resolutions to collect written shareholder opinions on removing Tuong as a board member.
• The stated reason is that he no longer fully meets the standards and conditions required of a board member under applicable regulations.
• Affected listed entities in the group include GEX, GEL, CAV and THI.
• GEX closed at 22,300 and GEL at 25,600 on 14 September 2026, with reports of limit-down trading across Gelex-group stocks.

What Happened

GELEX issued an official statement after Dang Phan Tuong was named as a defendant in the EVNNPT case. According to the company, the matter is personal to Tuong and originates from a period before he entered the management structure of GELEX Electric and its member companies, so it is not connected to the operations of GELEX, GELEX Electric or other companies in the system. GELEX said production, business, financial management and cash flow at the affected entities continue to be run by the executive apparatus under existing governance mechanisms.

Following the disclosure, GELEX Electric, CADIVI and THIBIDI reviewed their governance procedures and personnel plans in line with the law and each company’s charter. On 14 September 2026, their boards approved resolutions to seek written shareholder approval for general meeting resolutions dismissing Tuong from his board positions. GELEX said business, financial and investment plans across the group remain on schedule, and it asked shareholders and investors to rely on official information from the company and authorities.

Market Context

GEX trades on the Ho Chi Minh City Stock Exchange (HOSE), while GEL, CAV and THI are the group’s listed electric-equipment arms. On 14 September 2026, GEX closed at 22,300 and GEL at 25,600, with market reports describing a broad limit-down session across Gelex-group stocks as the prosecution news circulated. The reaction reflects headline risk around governance and legal exposure in the power-infrastructure supply chain rather than any disclosed change to earnings guidance.

Strategic Significance

For long-term holders, the key question is whether this is an isolated governance event or a signal of wider legal exposure in the group’s power-equipment segment. GELEX’s position is that the case predates Tuong’s board roles and that management continuity is intact, and the swift removal process at GELEX Electric, CADIVI and THIBIDI is designed to close the governance gap quickly. The group’s electrical-equipment cluster supplies the transmission and distribution market, so any prolonged association with the EVNNPT investigation could weigh on contract sentiment and counterparty confidence even if operations are unaffected.

What to Watch

• Results of the written shareholder votes at GELEX Electric, CADIVI and THIBIDI on removing Dang Phan Tuong from their boards.
• Any further developments or additional defendants named in the EVNNPT investigation.
• GEX and GEL trading behaviour once the limit-down pressure from 14 September 2026 clears.
• Group disclosures on business, financial and investment plans for the remainder of 2026.
• Any regulatory filings or statements from EVNNPT or investigative authorities clarifying the scope of the case.