Chair, CEO of EVN-affiliated energy firm PECC3 subject to legal proceedings

Power Engineering Consulting JSC 3 (PECC3), an affiliate of state-owned Vietnam Electricity (EVN), said three of its senior executives are subject to legal proceedings as part of an ongoing criminal investigation linked to Vietnam’s power sector.

In an extraordinary disclosure released on Tuesday, the company said it had received notification from the Ministry of Public Security’s investigative agency regarding criminal charges and temporary detention orders issued against chairman Nguyen Nhu Hoang Tuan, CEO Lac Thai Phuoc, and chief accountant Pham Hoang Vinh.

PECC3 said the disclosure was made in accordance with regulatory requirements and emphasized that its business operations continue in line with applicable laws, the company’s charter, and internal governance regulations.

The company added that it would continue to provide updates on any developments related to the case in accordance with disclosure obligations.

The legal proceedings mark the latest expansion of a broader investigation involving executives and personnel from several companies in Vietnam’s power sector.

The case follows earlier legal proceedings against executives from Power Engineering Consulting JSC 1 (TV1), Power Engineering Consulting JSC 2 (TV2), and construction and energy group PC1.

According to local media reports, at least 13 executives and employees across multiple companies have been subject to legal proceedings in connection with the investigation surrounding the National Power Transmission Corporation (EVNNPT), PC1 and TV2.

Founded in 1979, PECC3 provides engineering consulting services across Vietnam and in neighboring countries, including Laos and Cambodia. Its business activities include power development planning, design and consulting for power generation projects, supervision of electrical installations for industrial facilities, and testing of construction materials such as soil, rock, concrete and steel.

PECC3 was equitized in 2007 and listed its shares on the Hanoi Stock Exchange in 2009 under ticker TV3.

Despite the leadership turmoil, the company reported mixed financial results for the first quarter of 2026.

According to its unaudited financial statements, net revenue rose 19.2% year-on-year to VND49.6 billion ($1.88 million), while gross profit jumped 55.4% to VND18 billion ($683,310) thanks to improved profit margins.

However, financial income declined 46.6% to VND2.7 billion ($102,500), while selling expenses and administrative costs increased 47.7% and 26.8%, respectively. As a result, net profit fell 8.7% from a year earlier to VND3.82 billion ($145,010).

As of March 31, 2026, PECC3’s total assets stood at VND285 billion ($10.82 million), slightly lower than at the beginning of the year.

TV1 shares closed at VND16,100 ($0.61) each on Tuesday.