TV2 Chairman and Chief Accountant Prosecuted in PC1, EVNNPT Probe

Overview

On May 21, 2026, Power Engineering Consulting Joint Stock Company 2 (PECC2, ticker TV2 on HOSE) disclosed that its Chairman of the Board, Nguyen Chon Hung, and Chief Accountant, Bui Thi Ngoc Ly, have been prosecuted by the Ministry of Public Security’s investigation agency. The prosecution is part of a broader investigation involving the National Power Transmission Corporation (EVNNPT) and PC1 Group (ticker PC1). TV2’s stock fell 4.54% on May 22, while PC1 closed up 1.48%.

Key Facts

• Chairman Nguyen Chon Hung and Chief Accountant Bui Thi Ngoc Ly were prosecuted on May 21, 2026, by the Ministry of Public Security.
• The investigation involves EVNNPT, PC1 Group, and other related entities nationwide.
• TV2 did not disclose the specific charges or alleged violations.
• In fiscal 2025, Chairman Hung received total compensation of over VND 1 billion, nearly double the prior year; Chief Accountant Ly received about VND 540 million.
• TV2’s 2025 net profit was VND 96 billion, up 48% year-on-year, on flat revenue of VND 1,335 billion.
• In Q1 2026, TV2 net profit surged 92% to VND 53 billion, the highest quarterly profit since 2022, driven by financial income and associates.
• TV2’s stock closed at VND 30,500 on May 22, down 4.54% with volume of 1.54 million shares.

What Happened

On May 21, PECC2 (TV2) issued an extraordinary disclosure stating that Chairman Nguyen Chon Hung and Chief Accountant Bui Thi Ngoc Ly had been prosecuted by the Police Investigation Agency of the Ministry of Public Security. The company did not specify the charges but noted the prosecution is part of an investigation into incidents at EVNNPT, PC1 Group, and other units across the country.

Nguyen Chon Hung, 56, a mechanical engineer with an MBA, has been Chairman of PECC2 since June 2022. Bui Thi Ngoc Ly, a bachelor of accounting, has served as Chief Accountant since December 2016. According to TV2’s audited 2025 financial statements, Hung’s total income exceeded VND 1 billion, nearly double the previous year, while Ly’s income was about VND 540 million.

Market Context

TV2 shares fell 4.54% on May 22 to VND 30,500, with volume of 1.54 million shares, following the announcement. The stock had previously traded at VND 31,950 on May 21, down 1.7% on the disclosure day. PC1, also implicated in the investigation, closed at VND 20,600 on May 22, up 1.48% on volume of 12.9 million shares. TV2 is listed on HOSE, while PC1 trades on HNX. The broader market reaction suggests investors are pricing in legal and governance risks for TV2, despite its strong Q1 2026 earnings.

Strategic Significance

The prosecution of top executives introduces significant governance uncertainty for TV2, a leading power engineering consultancy involved in national energy and infrastructure projects. While TV2’s recent financial performance has been robust—Q1 2026 net profit up 92%—the legal overhang could impair its ability to secure new contracts, particularly those involving state-owned clients like EVNNPT. The investigation’s connection to PC1 Group also raises questions about potential cross-liabilities or project delays. For long-term investors, the key risk is whether the legal proceedings will escalate to corporate penalties or restrict TV2’s access to public procurement.

What to Watch

• Further disclosures from TV2 or authorities on specific charges and scope of the investigation.
• Impact on TV2’s contract pipeline, especially with EVNNPT and other state-owned enterprises.
• Q2 2026 earnings report to assess any operational disruption or financial impact.
• Any related legal actions against PC1 or other entities named in the investigation.
• Changes in TV2’s board composition or management following the prosecutions.