Dang Phan Tuong Prosecuted: TBD Calls Extraordinary Shareholder Meeting

Overview

Dang Phan Tuong, a member of the board of directors of Dong Anh Electrical Equipment Corporation (EEMC, ticker TBD on UPCOM), has been prosecuted by the Ministry of Public Security’s investigative police agency (C01) in a criminal case involving the National Power Transmission Corporation (EVNNPT), PC1 Group and related companies. TBD has convened an extraordinary 2026 general meeting of shareholders, and GELEX Electric, CADIVI and THIBIDI have moved to dismiss Tuong from their boards. The case places a governance and reputational question over several listed names in Vietnam’s electrical equipment and power transmission supply chain.

Key Facts

• TBD’s board resolution dated 15 September set the shareholder record date at 6 October, with the extraordinary meeting scheduled for 7 November at EEMC’s head office at 189 Lam Tien, Thu Lam commune, Ha Noi.
• On 13 September, EEMC disclosed that it had received notice from C01 of the prosecution of Dang Phan Tuong, a board member, in the investigation of the case at EVNNPT, PC1 Group and related companies.
• Dang Phan Tuong, born in 1965 in Ha Noi, has served on the TBD board since November 2024 and previously spent many years as chairman of EVNNPT’s member council.
• On 14 September, GELEX Group said the matter concerns Tuong personally and arose from a period before he joined the GELEX system, adding that it does not involve GELEX, GELEX Electric or their subsidiaries.
• GELEX stated that Tuong is a board member of GELEX Electric and does not directly manage day-to-day business, so operations, financial management and cash flow remain with the executive apparatus.
• On the same day, the boards of GELEX Electric, CADIVI and THIBIDI approved written shareholder consultations to remove Tuong as a board member, on the grounds that he no longer fully meets the standards and conditions for board membership.
• TBD last closed at VND 97,600 (28 July 2026).

What Happened

According to EEMC’s disclosure, the company received a notice from C01 regarding the prosecution of Dang Phan Tuong as a defendant during the investigation of a criminal case at EVNNPT, PC1 Group and related companies. Tuong has sat on the TBD board since November 2024, following a long tenure as chairman of the member council of EVNNPT, the state-owned national power transmission company. The board then issued a resolution on 15 September convening an extraordinary shareholder meeting, with a record date of 6 October and the meeting set for 7 November in Ha Noi.

GELEX Group issued its own statement on 14 September, saying the case relates to Tuong as an individual and stems from a period before he joined the GELEX system. The group said the matter does not involve GELEX, GELEX Electric or other companies in the system, and that Tuong does not directly participate in daily operations. On the same day, the boards of GELEX Electric, CADIVI and THIBIDI passed resolutions to collect written shareholder opinions on removing Tuong from their boards, citing that he no longer fully meets the required standards and conditions for board membership. The filings do not disclose any transaction value or financial impact.

Market Context

TBD trades on UPCOM, Vietnam’s unlisted public company market, and last closed at VND 97,600 on 28 July 2026. The company sits in the electrical equipment sector, which supplies transformers, cables and grid components to the power transmission build-out dominated by EVNNPT. The prosecution touches a network of listed names across that supply chain, including GELEX Electric, CADIVI and THIBIDI, and follows a broader period of heightened scrutiny of state-linked infrastructure procurement in Vietnam.

Strategic Significance

For long-term investors, the central issue is governance rather than operations. Tuong held non-executive board seats, and both TBD and GELEX have stated that day-to-day management and cash flow remain with the executive apparatus, so the near-term earnings channel is limited. The more durable question is whether the case widens into procurement reviews at EVNNPT that could affect order pipelines, contract awards or payment cycles for electrical equipment suppliers. The speed of the board removals at GELEX Electric, CADIVI and THIBIDI suggests the groups are ring-fencing governance risk ahead of any further developments in the investigation.

What to Watch

• TBD’s extraordinary shareholder meeting on 7 November and the record date of 6 October, including whether the agenda extends beyond board composition.
• Written shareholder vote results at GELEX Electric, CADIVI and THIBIDI on removing Tuong from their boards.
• Any further C01 announcements naming additional individuals or companies in the EVNNPT and PC1 Group case.
• EVNNPT procurement, tender awards and payment timelines that could affect order books at TBD and its peers.
• TBD’s next financial disclosure for any commentary on contract pipeline or customer relationships.