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BUSRIN TREERAPONGPICHIT
Shares of TPI Polene Plc (TPIPL), the country's third-largest cement maker, were suspended from trade yesterday on the Stock Exchange of Thailand pending clarification of an outstanding 6.9- billion-baht fine against the company.
The Criminal Court sentenced company founder Prachai Leophairatana to three years in jail last December and fined TPIPL 6.9 billion baht for violating securities laws related to a public offering of 11.1 billion baht worth of shares in January 2004. The court later dismissed his petition for a reduction in sentence.
On Wednesday, the SET received a notice from the Securities and Exchange Commission saying that regulators had received notification from the Criminal Court seeking co-operation in enforcing the judgment. On Aug 5, the court also appointed an executor to press the claim.
The fine will have a significant impact on TPIPL's balance sheet. The company reported a first-half profit of 991.6 million baht, down from 1.6 billion last year. Revenues rose to 14.3 billion baht from 12.87 billion.
According to the company's balance sheet, liabilities at the end of June were 17.7 billion baht, with shareholders' equity 57.8 billion.
Mr Prachai said he was reviewing the SET's call to clarify the company's status and that the firm was committed to full compliance with the law.
''Don't worry. The company is running quite smoothly now,'' he said. ''I don't want to comment much about this, as we are still in the appeals process.''
Mr Prachai argued that under the constitution, sentencing could be enforced once all appeals were exhausted and the court rendered a final verdict.
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