Vimico (KSV) CEO Prosecuted for Bribery; 51% Subsidiary Stake to Be Auctioned

Overview

Vimico (ticker KSV, HNX), the mining arm of state coal group TKV, disclosed that its CEO Trinh Van Tue has been prosecuted for accepting bribes, one day after the board dismissed him from the role. At the same time the board approved the sale of the company’s entire 51% stake in subsidiary Khoang san 3 - Vimico through an auction on HNX, and called an extraordinary shareholder meeting for December.

Key Facts

• Trinh Van Tue is charged with “Nhan hoi lo” (accepting bribes) under Article 354 of the Penal Code, per a Vimico extraordinary disclosure.
• The board resolved to dismiss him as CEO effective 29 October 2026; Deputy CEO Ly Xuan Tuyen becomes acting CEO and legal representative.
• Tue’s total salary, bonus and remuneration for H1 2026 was VND 603.3 million, about VND 100.6 million per month, versus VND 444 million a year earlier.
• He was the highest-paid disclosed executive in the half-year report; Ngo Quoc Trung received VND 551 million and Ly Xuan Tuyen VND 485 million.
• Vimico will auction 1,785,000 ordinary shares, equal to 51% of Khoang san 3 - Vimico, par value VND 10,000 per share, on HNX during 2026.
• Record date for the extraordinary 2026 shareholder meeting is 20 November 2026; the meeting is scheduled for 25 December 2026 in Ha Noi.
• KSV last closed at VND 109,500 on 30 October 2026.

What Happened

Vimico published an extraordinary information disclosure stating it had received a decision to prosecute Trinh Van Tue, then a board member and CEO, on bribery charges. The company said the case falls under Article 354 of the Penal Code. The disclosure did not state the amount allegedly involved, the investigating authority, or any further procedural detail; those elements are not yet public.

The prosecution followed by one day a board resolution removing Tue as CEO from 29 October 2026. The board appointed Deputy CEO Ly Xuan Tuyen as acting CEO and legal representative until a permanent CEO is confirmed. In the same batch of filings, the board approved a plan to offer all of Vimico’s holding in Khoang san 3 - Vimico, a mining and mineral-processing subsidiary, and set the record date and date for an extraordinary shareholder meeting.

Market Context

KSV trades on HNX and closed at VND 109,500 on 30 October 2026, the session in which the dismissal and divestment filings surfaced. The stock sits in the Basic Resources sector, where Vimico’s parent TKV anchors domestic coal and mineral supply. Governance shocks at state-linked miners typically invite scrutiny of related-party dealings and of the pace of equitisation and divestment across the TKV group. The filing does not disclose the transaction value of the 51% stake, so no valuation benchmark is available from the source.

Strategic Significance

The core issue for long-term holders is not the executive change itself but what the bribery case may expose about contracting and sales at Vimico’s mineral operations, and whether investigators widen the probe to other officials or counterparties. The simultaneous decision to exit Khoang san 3 - Vimico suggests a deliberate simplification of the group structure, concentrating Vimico on core mining assets while removing a subsidiary from the consolidation perimeter. How the HNX auction is priced will be the first market test of the remaining assets’ value and of investor appetite for TKV-linked minority stakes.

What to Watch

• Details of the prosecution: investigating authority, alleged amount, and whether other Vimico or TKV officials are named.
• The HNX auction of 1,785,000 shares in Khoang san 3 - Vimico: starting price, timing and take-up.
• Appointment of a permanent CEO and any further board changes at Vimico.
• The extraordinary shareholder meeting on 25 December 2026 in Ha Noi and its resolutions.
• H2 2026 audited financials and any disclosure of provisions or contingencies linked to the case.