Five major companies in Vietnam’s electricity sector - PECC1, PECC2, PECC3, PECC4 and PC1 - have disclosed extraordinary information after their board chairmen and other senior executives were prosecuted and placed in temporary detention as part of an ongoing investigation into alleged violations.

The latest disclosure came on June 12, when Power Engineering Consulting Joint Stock Company 4 (PECC4, stock code TV4) announced that several senior executives had been detained.

According to PECC4, authorities issued detention orders against Chairman Le Cao Quyen, General Director Tran Cao Hy, Deputy General Director Nguyen Nhu Dong and Chief Accountant Tran Le Thanh Binh.

Four days earlier, on June 9, Power Engineering Consulting Joint Stock Company 3 (PECC3, stock code TV3) also reported significant leadership changes following legal action against senior executives.

The company said it had received notice from the Ministry of Public Security’s Investigative Police Agency regarding the detention of Chairman Nguyen Nhu Hoang Tuan, General Director Lac Thai Phuoc and Chief Accountant Pham Hoang Vinh.

On May 21, Power Engineering Consulting Joint Stock Company 2 (PECC2, stock code TV2) likewise disclosed extraordinary information after Chairman Nguyen Chon Hung and Chief Accountant Bui Thi Ngoc Ly were prosecuted.

According to PECC2, the Ministry of Public Security is investigating a case involving the National Power Transmission Corporation, PC1 Group and several related entities nationwide.

Earlier, on May 15, PC1 Group Joint Stock Company (stock code PC1) announced that seven executives and employees had been prosecuted and detained to facilitate the investigation.

Among them was Chairman Trinh Van Tuan, who is being investigated for alleged violations related to accounting regulations causing serious consequences and embezzlement of assets.

Power Engineering Consulting Joint Stock Company 1 (PECC1, stock code TV1) also informed shareholders that Chairman Nguyen Huu Chinh had been prosecuted and placed in temporary detention.

The developments mark one of the most significant investigations affecting Vietnam’s electricity consulting and engineering sector in recent years.

In addition to the five chairmen, a number of chief executives, deputy executives and chief accountants from the companies have also been detained as authorities continue to expand the probe.

The cases have prompted a series of mandatory disclosures by listed companies to investors and the stock market, while the investigation remains ongoing.

Dinh Hieu