Gelex (GEX) Responds as Former EVNNPT Chairman Dang Phan Tuong Is Prosecuted

Overview

Tập đoàn Gelex (HOSE: GEX) has issued a statement confirming that Đặng Phan Tường, a board member at Gelex Electric and several group companies, has been prosecuted by the Ministry of Public Security’s investigative police agency (C01). The case concerns a criminal investigation at National Power Transmission Corporation (EVNNPT), PC1 Group and related companies. Shares of GEX, GEE and GEL all closed limit-down on September 14.

Key Facts

• Đặng Phan Tường, born 1965 in Hà Nội, is a former Chairman of the Members’ Council of EVNNPT and currently a board member of Gelex Electric.
• He was prosecuted by C01 in a criminal case involving EVNNPT, PC1 Group (Công ty CP Tập đoàn PC1) and related companies.
• Gelex states the matter is personal to Mr. Tường and arose from the period before he joined the Gelex system.
• On September 14, the boards of Gelex Electric, CADIVI and THIBIDI approved written shareholder ballots to dismiss Mr. Tường from their boards.
• EEMC (Đông Anh Electrical Equipment Corporation) issued an unusual-information disclosure on September 13 regarding the same prosecution.
• Mr. Tường has served on the EEMC board since November 2024.
• GEX closed at VND 22,300, GEE at VND 57,700 and GEL at VND 25,600 on September 14, all limit-down.

What Happened

According to Gelex’s September 14 statement, Đặng Phan Tường was prosecuted by C01 during an investigation into a criminal case at EVNNPT, PC1 Group and related companies. Gelex said the case relates to Mr. Tường personally and stems from the period before he joined the Gelex system, and that it does not involve the operations of Gelex, Gelex Electric or other group companies. At Gelex Electric, Mr. Tường served as a board member and did not directly participate in day-to-day business operations, with production, financial management and cash flow remaining under the existing executive apparatus and governance mechanism.

Gelex said its operations have not been disrupted by the prosecution. Gelex Electric, CADIVI and THIBIDI reviewed their governance procedures and prepared personnel plans under each company’s charter. On the same day, the boards of Gelex Electric, CADIVI and THIBIDI issued resolutions approving written shareholder ballots on dismissing Mr. Tường from his board positions, on the grounds that he no longer fully meets the standards and conditions for board membership. EEMC had flagged the same prosecution in an unusual-information disclosure a day earlier.

Market Context

GEX trades on the HOSE, with GEE and GEL also listed on the exchange. All three closed limit-down on September 14, with GEX at VND 22,300, GEE at VND 57,700 and GEL at VND 25,600, according to the price context provided. The reaction reflects headline risk around a governance and legal event rather than a disclosed change to earnings or balance-sheet fundamentals. The affected names sit in the energy and electrical equipment sectors, where sentiment has been sensitive to news flow around power transmission and construction-linked counterparties.

Strategic Significance

The core question for long-term holders is whether this is a contained governance event or the first signal of wider legal exposure across the Gelex electrical-equipment ecosystem. Gelex’s position is that the case predates Mr. Tường’s involvement with the group and touches only his personal conduct, and the swift move to convene shareholder votes on his dismissal at Gelex Electric, CADIVI and THIBIDI is designed to draw a clear line between the individual and the operating companies. That separation matters because GEE and GEL earnings rest on cable, transformer and electrical-equipment demand tied to grid investment, not on any single board seat. The risk to the thesis is reputational and procedural: if the investigation widens to entities or contracts connected to the group, the governance discount applied to GEX and its listed subsidiaries could persist.

What to Watch

• Results of the written shareholder ballots at Gelex Electric, CADIVI and THIBIDI on dismissing Mr. Tường from their boards.
• Any further C01 announcements naming additional individuals or entities in the EVNNPT and PC1 Group case.
• Gelex and Gelex Electric disclosures on replacement board appointments and committee reshuffles.
• Third-quarter earnings and order-book updates from GEE and GEL for evidence of operational disruption.
• Foreign-ownership and block-trade filings in GEX, GEE and GEL for signs of institutional repositioning.