TV2 Chairman and Chief Accountant Prosecuted in PC1, EVNNPT Probe

Overview

The Chairman and Chief Accountant of PECC2 (TV2) have been formally prosecuted by the Ministry of Public Security in connection with a criminal investigation into violations at the National Power Transmission Corporation (EVNNPT) and PC1 Group. The development follows the earlier prosecution of PC1’s Chairman and six other leaders, deepening the legal turmoil in Vietnam’s power transmission sector.

Key Facts

• TV2 Chairman Nguyen Chon Hung (born 1970, Quang Tri) and Chief Accountant Bui Thi Ngoc Ly were prosecuted by the Ministry of Public Security’s investigative police.
• The investigation concerns criminal violations at EVNNPT, PC1 Group, and related companies nationwide.
• Nguyen Chon Hung has been Chairman of TV2 since June 2022; Bui Thi Ngoc Ly has been Chief Accountant since December 2016.
• PC1 previously announced the prosecution of its Chairman Trinh Van Tuan and six other leaders for “violations of accounting regulations causing serious consequences” and “embezzlement of assets.”
• TV2 shares closed at VND 31,950 on May 21, 2026, down 1.69% with volume of 332,400 shares.
• PC1 shares closed at VND 20,300 on the same day, up 6.84% with volume of 27,265,500 shares.

What Happened

PECC2 (TV2) issued an extraordinary disclosure stating that the Ministry of Public Security’s investigative police had issued decisions to prosecute Nguyen Chon Hung, Chairman of the Board of Directors, and Bui Thi Ngoc Ly, Chief Accountant. The prosecution is part of a broader criminal investigation into violations at the National Power Transmission Corporation (EVNNPT), PC1 Group, and related entities across the country.

Nguyen Chon Hung, born 1970 in Quang Tri, holds a degree in Mechanical Engineering and a Master’s in Business Administration. He has served as TV2 Chairman since June 2022. Bui Thi Ngoc Ly holds a Bachelor’s in Accounting and a Master’s in Business Administration, and has been TV2’s Chief Accountant since December 2016. The specific charges against them have not been detailed in the disclosure.

Market Context

TV2 shares declined 1.69% on May 21, 2026, closing at VND 31,950 on HOSE, with relatively low volume of 332,400 shares. In contrast, PC1 shares surged 6.84% to VND 20,300 on high volume of 27.3 million shares, suggesting the market may be differentiating between the two companies’ exposures. The legal actions add to the uncertainty for TV2, a consulting and construction firm in the power sector, while PC1’s earlier prosecution had already been priced in to some extent.

Strategic Significance

The prosecution of TV2’s top leadership signals that the investigation into EVNNPT and PC1 is widening, potentially implicating more companies in the power transmission value chain. For TV2, the legal risk could affect its ability to secure new contracts, access financing, and maintain operational stability. The involvement of both the Chairman and Chief Accountant suggests potential accounting irregularities that may require restatements or lead to further penalties. Investors should monitor the progress of the investigation and any related financial disclosures.

What to Watch

• Further details on the specific charges against TV2’s Chairman and Chief Accountant.
• Any impact on TV2’s ongoing projects and contract renewals with EVNNPT and other state-owned utilities.
• Potential financial restatements or adjustments to TV2’s reported earnings.
• Developments in the PC1 case, including the outcome of the prosecution of Chairman Trinh Van Tuan.
• Regulatory actions by the State Securities Commission or HOSE regarding disclosure compliance.