Bangkok--26 Dec--แฟรนคอม เอเชีย
As the legal representative of Thoresen Thai Agencies Plc (“TTA”), Wynn Pakdeejit, Partner of Baker & McKenzie Thailand, makes the following comments with respect to the complaint lodged with the Department of Special Investigation (“DSI”) against TTA’s President & CEO M.L.Chandchutha Chandratat and CFO Khun Thitima Rungkwansiriroj.
1. Regarding TTA’s decision to invest in UMS, TTA proceeded only after a thorough analysis of all available information. The company also took into account the advice of its financial and investment consultants. TTA was asked to appear on 20 December to hear accusations made against it. This was the first time that TTA management received a summons from any authority on this matter. Based on the information available, we are fully confident that TTA’s management can prove its innocence, as all requisite steps were duly taken in making the decision to invest in UMS.
2. Regarding the act undertaken by two minority shareholders, which according to TTA’s available records, together hold 146 shares at a current market value (as of close of trading on 20 Dec) of Baht 2,774, TTA and its management stands ready to provide an explanation against all accusations this group has made — provided these shareholders undertook their effort in good faith.
3. However, if there is any act which represents an effort to cause confusion to investors, to damage TTA’s image or to disrupt TTA’s business, TTA will take legal action targeting all those responsible in order to prevent any adverse effects to TTA’s image and operations.
4. We would like to highlight that the SEC, the authority in charge of monitoring companies listed on the Stock Exchange of Thailand, has made no accusations against TTA’s management. However, because the shareholders directly pursued a case with the DSI, the DSI is required to receive the complaint and investigate accordingly. TTA will co-operate fully in order to facilitate this investigation in accordance with DSI’s own procedures. TTA fully expects to be cleared of all wrongdoing.
5. Following newspaper reports that a representative of the same group of shareholders made a complaint to the SEC, asserting that M.L.Chandchutha Chandratat and Khun Thitima Rungkwansiriroj should now be disqualified from serving as managers of a listed company, it is important to note that this conclusion is based on an incorrect premise. According to the SEC Announcement on qualification of management, managers of listed companies can be disqualified in the event that an accusation has been made by the SEC. Disqualification cannot take place as a result of an accusation by other parties.
6. The management appointed a lawyer to appear before DSI on 20 December 2011 in order to coordinate the preparation of documents and records, to hear the charges and to set up a framework for full co-operation by TTA. We remain confident that based on the information within the company’s possession, all accusations made by this group will be completely discredited.
For more information, please contact:
Siriporn (Na Pombhejara) Allapach, Ph.D.
Tel: 662-636-2000 ext. 5959
Fax: 662-636-2111
[email protected]