TV3 Leadership Arrests: Chairman, CEO and Chief Accountant Detained

Overview

Power Engineering Consulting Joint Stock Company 3 (TV3), listed on HNX, has postponed its extraordinary general meeting of shareholders to October 2026 after the detention of its chairman, CEO and chief accountant. The company has appointed interim leadership and maintained its planned agenda of amending the charter and restructuring the board. The arrests and the concurrent 54% year-on-year revenue decline in Q2/2026 place both governance and operating performance under scrutiny.

Key Facts

• Chairman Nguyễn Như Hoàng Tuấn, CEO Lạc Thái Phước and Chief Accountant Phạm Hoàng Vinh were detained under a notice from the Ministry of Public Security’s investigation police, disclosed by the company on 9 June.
• The extraordinary general meeting was moved from 30 September to October 2026, with the agenda unchanged: charter amendments covering the legal representative and consolidation of the board of directors.
• From 15 June 2026, board member Trần Lê Minh was appointed acting CEO; Phạm Văn Tuấn, head of the hydropower centre, became deputy CEO; Nguyễn Ngọc Khanh was placed in charge of accounting.
• Board member Trần Quốc Điền was assigned to temporarily oversee board activities pending further decisions.
• Q2/2026 net revenue was approximately VND 31 billion, down 54% year-on-year, with gross profit narrowing to about VND 9 billion.
• Six-month pre-tax profit reached nearly VND 7 billion, down roughly 10% versus the same period in 2025.
• A 2025 cash dividend of 5% (VND 500 per share) has a record date of 15 September and payment scheduled for 22 October 2026.

What Happened

The company said it received notification from the Ministry of Public Security’s investigation police regarding the detention of three senior executives: Nguyễn Như Hoàng Tuấn, chairman of the board; Lạc Thái Phước, general director; and Phạm Hoàng Vinh, chief accountant. The disclosure was made on 9 June. TV3 did not state the nature of the allegations in the excerpt reviewed.

In response, TV3 moved quickly to reorganise its executive apparatus. Effective 15 June 2026, board member Trần Lê Minh took the role of acting general director until a new decision is made. Phạm Văn Tuấn, director of the hydropower centre, was named deputy general director, while Nguyễn Ngọc Khanh, head of accounting and finance at the survey and power construction branch, was assigned to lead accounting work. On the board side, Trần Quốc Điền, a board member, was tasked with temporarily overseeing board operations. The resolution postponing the EGM to October 2026 keeps the previously planned agenda intact, including charter amendments on the legal representative and board consolidation.

Market Context

TV3 closed at VND 14,500 on 24 September 2026 on HNX. The stock sits in the construction and energy services segment, where order books are tied to power transmission and hydropower project cycles. The 54% revenue contraction in Q2/2026 and the roughly 10% decline in six-month pre-tax profit point to weaker project execution or recognition timing, even as cost of goods sold fell faster than revenue and preserved a positive gross margin. The 5% cash dividend, with a record date of 15 September and payment on 22 October, remains a near-term cash return item for shareholders.

Strategic Significance

For long-term holders, the central issue is institutional continuity rather than a single quarter’s revenue. A chairman, CEO and chief accountant detained simultaneously removes the three roles most directly responsible for strategy, operations and financial reporting. The interim appointments are drawn from the existing board and internal management, which suggests continuity of the current business model but also raises questions about independent oversight. The October EGM is the mechanism through which TV3 can formalise a permanent leadership structure and amend its charter on the legal representative, a step that matters for contract signing, bank facilities and project bidding in the power construction sector. Until that meeting concludes, counterparties and lenders may price in governance uncertainty.

What to Watch

• The October 2026 extraordinary general meeting and whether charter amendments on the legal representative and board composition are approved.
• Any further disclosure from the Ministry of Public Security clarifying the charges against the detained executives.
• Q3/2026 results for evidence that revenue stabilisation is underway after the 54% Q2 decline.
• Confirmation of the 5% cash dividend payment on 22 October 2026 and any change to the record date.
• Appointment of a permanent general director and chief accountant, and any subsequent board resignations or additions.