Construction & Materials

Vietnamese police have indicted 47 suspects in a corruption probe spanning EVNNPT, PC1 Group and 13 related units, freezing roughly VND 1.756 trillion in securities accounts and more than USD 1 million. Former EVNNPT chairman Dang Phan Tuong, now an EEMC board member, is among those charged, putting governance risk back on the agenda for listed power-sector names PC1, GEX and EEMC.

Former EVNNPT chairman Dang Phan Tuong, a board member at Gelex Electric, has been prosecuted by the Ministry of Public Security's C01 in a case tied to EVNNPT and PC1 Group. Gelex says the matter is personal and predates his tenure, but GEX, GEE and GEL all closed limit-down on September 14 as shareholders voted on his removal.

GEX, GEE, GEL and VGC closed at or near floor prices on September 14 after EEMC disclosed that board member Dang Phan Tuong was prosecuted in the EVNNPT-PC1 criminal case. Tuong sits on the boards of GEE, CADIVI and THIBIDI, tying the selloff directly into the GELEX Electric network even though EEMC is only an associate, not a subsidiary.

Gelex (GEX) closed limit-down at VND 22,300 on 14/9, with affiliates GEL and GEE each down 7%, after a board member of Gelex Electric was prosecuted in the EVNNPT/PC1 criminal case. Gelex issued an unusual-disclosure statement saying the matter predates the individual's tenure and that operations, bank obligations and partner commitments remain normal.

VN-Index fell nearly 7 points to 1,788 as Gelex ecosystem stocks GEX, GEE, and GEL hit the floor limit, while foreign investors net bought about 822 billion VND on HoSE.

GELEX (GEX) says the prosecution of board member Dang Phan Tuong, tied to the EVNNPT investigation, predates his tenure and does not affect group operations. GELEX Electric, CADIVI and THIBIDI have begun shareholder votes to remove him from their boards, with GEX and GEL both closing at limit-down on 14 September 2026.

GEX, GEL and GEE all closed limit-down on 14 September after EEMC disclosed that board member Dang Phan Tuong was prosecuted in the EVNNPT-PC1 investigation. GEE has now fallen roughly 56% from its early-May peak to a one-year low, even as GELEX reported Q2 revenue up 43% year on year.