PC1 Elects Founder's Daughter to Board After Criminal Probe

Overview

PC1 (HOSE: PC1) held an extraordinary general meeting on July 24 to replace four board members, including former chairman Trinh Van Tuan, who is under criminal investigation for accounting violations and embezzlement. His daughter Trinh Khanh Linh, born 1999, was elected to the board alongside three other new members. The shake-up follows the arrest of Tuan and several key executives in May 2026.

Key Facts

• Extraordinary shareholder meeting held on July 24, 2026, with 54.65% of voting shares represented.
• Four board members were removed: Trinh Van Tuan, Vu Anh Duong, Vo Hong Quang, and Nguyen Minh De, all currently detained.
• Four new board members elected: Trinh Khanh Linh, Trinh Tien Dung, Vu Thi Minh Nhat (independent), and Le Thanh Luong (independent).
• Trinh Khanh Linh owns 4 million PC1 shares (0.97% of charter capital) and manages nearly 88 million shares (21.38%) on behalf of her father.
• Trinh Tien Dung, brother of Trinh Van Tuan, holds no PC1 shares and is not an executive at the company.
• Former chairman Trinh Van Tuan was arrested on May 16, 2026, for alleged accounting fraud and embezzlement.
• PC1 shares closed at VND 21,000 on July 23, 2026.

What Happened

PC1 convened an extraordinary shareholder meeting on the morning of July 24 to restructure its board of directors after a series of senior personnel changes. The meeting, attended by 245 shareholders and proxies representing 54.65% of voting rights, approved the removal of four board members who are currently in custody: former chairman Trinh Van Tuan, Vu Anh Duong, Vo Hong Quang, and Nguyen Minh De. The company then elected four new directors to fill the remaining term of the 2025-2030 tenure.

Notably, Trinh Khanh Linh, born 1999, is the daughter of Trinh Van Tuan. She holds a degree in Finance from George Washington University and currently serves as Deputy Director in charge of PC1’s Finance Department. Prior to joining PC1, she worked at KPMG Vietnam and Vietcap Securities. She owns 4 million PC1 shares directly and manages nearly 88 million shares (21.38% of charter capital) on behalf of her father. Another new board member, Trinh Tien Dung, is the brother of Trinh Van Tuan and serves as Chairman and General Director of Co Khi Xay Dung Thuong Mai Dai Dung, with no PC1 share ownership.

Market Context

PC1 shares closed at VND 21,000 on July 23, 2026, on the HOSE exchange. The stock has been under pressure since the arrest of its former chairman and key executives in May, reflecting investor concerns about governance and potential financial restatements. The construction and infrastructure sector in Vietnam has seen mixed performance amid regulatory scrutiny and project delays. PC1’s market capitalization stands at approximately VND 8.6 trillion based on the current share price.

Strategic Significance

The board reshuffle signals an attempt to stabilize governance after a major crisis. The election of Trinh Khanh Linh, despite her youth, ensures family control over the company’s strategic direction, as she manages a significant voting block. The inclusion of independent directors may help restore some investor confidence, but the ongoing criminal investigation poses legal and financial risks. The company’s ability to secure new contracts and maintain operations will depend on how quickly it can distance itself from the alleged misconduct.

What to Watch

• Outcome of the criminal investigation into Trinh Van Tuan and other former executives.
• Any financial restatements or impairment charges related to the alleged accounting fraud.
• PC1’s Q3 2026 earnings report for signs of operational disruption.
• Further board or management changes as the company navigates the crisis.
• Foreign investor reaction and any changes in foreign ownership limits.