PC1 Named in 500kV Circuit-3 Criminal Case as EEMC Discloses Board Member Prosecution

Overview

Dong Anh Electrical Equipment Corporation (EEMC) has disclosed that its board member Dang Phan Tuong, former chairman of National Power Transmission Corporation (EVNNPT), has been prosecuted by the Ministry of Public Security’s investigative police agency (C01). The criminal case concerns the 500kV circuit-3 transmission line project and names PC1 Group among 13 companies identified as having violations, with 47 defendants charged in total.

Key Facts

• EEMC received formal notice from C01 that board member Dang Phan Tuong has been prosecuted as a defendant.
• The investigation concerns the 500kV circuit-3 transmission line project.
• 47 defendants have been charged in the case.
• 13 companies were identified as having violations, including EVNNPT, PC1, Dong Anh Steel Pole Manufacturing, Tan Phat Minerals, Song Da 11, Power Construction Company No. 4, and Power Engineering Consulting Companies 1 through 4.
• Dang Phan Tuong was appointed to EEMC’s board in late 2024 and serves as a non-executive director.
• Tuong was appointed by EVN as chairman of EVNNPT’s Members’ Council from 2011 and held the position for multiple years.
• PC1 shares closed at VND 20,400 on 13 September 2026 on HOSE.

What Happened

EEMC published an unusual information disclosure stating it had received a notification from C01, the investigative police agency under the Ministry of Public Security. The notice confirmed that Dang Phan Tuong, a member of EEMC’s board of directors, has been prosecuted as a defendant in a criminal case originating at EVNNPT, PC1 Group, and related companies. EEMC stated that the disclosed information is truthful and that it accepts legal responsibility for the content.

According to EEMC’s 2025 annual report, Tuong is a non-executive board member and also holds positions at other electrical equipment companies. He was appointed by Vietnam Electricity (EVN) as chairman of EVNNPT’s Members’ Council in 2011 and served in that role for several years. The investigation into EVNNPT has resulted in charges against 47 defendants over alleged violations tied to the 500kV circuit-3 line. Police identified 13 companies with violations, a list that includes PC1 alongside EVNNPT, the Northern and Central Power Project Management Boards, Dong Anh Steel Pole Manufacturing, Tan Phat Minerals, Song Da 11, Power Construction Company No. 4, and Power Engineering Consulting Companies 1, 2, 3, and 4.

Market Context

PC1 Group trades on HOSE under the ticker PC1 and closed at VND 20,400 on 13 September 2026. The company sits in the construction and materials sector, with exposure to power transmission and industrial construction. The 500kV circuit-3 line has been a flagship infrastructure programme in Vietnam’s effort to expand north-south transmission capacity, and the criminal case touches multiple contractors and consultancies across the power sector. The disclosure does not specify the nature or extent of PC1’s alleged violations, and no individual PC1 executives were named in the EEMC notice.

Strategic Significance

For long-term investors, the key question is whether PC1 faces operational or financial consequences beyond reputational damage. Being named among 13 violating companies in a high-profile criminal case can affect tender eligibility, contract awards, and counterparty confidence in state-linked power projects. The case also highlights governance risk across Vietnam’s power infrastructure supply chain, where contractors and consultancies often work on overlapping state projects. PC1’s backlog and pipeline in transmission and industrial construction will be the metric that determines whether this legal exposure is a temporary headline or a structural constraint on growth.

What to Watch

• Any formal statement from PC1 clarifying the scope of its alleged violations and whether it is a defendant or a third party.
• C01’s next procedural steps, including whether additional defendants or companies are named.
• PC1’s Q3 2026 earnings release and any disclosure of contract awards or tender suspensions.
• Updates on the 500kV circuit-3 project timeline and any impact on PC1’s order book.
• Foreign-ownership and insider-transaction filings on HOSE for PC1.