The Stock Exchange of Thailand (SET) temporarily halted trading in Group Lease Plc (GL) shares on Monday after chief executive officer Mitsuji Konoshita was accused of corporate fraud and falsification.
The announcement said trading of GL had been suspended from the morning session of Oct 16 until the company can clarify the information and its effect to the SET.
The Securities and Exchange Commission (SEC) has filed a criminal complaint with the Department of Special Investigation (DSI) accusing Mr Konoshita of falsification and corporate fraud, rendering him unqualified to hold the position of director and executive of any issuing and listed company while a criminal prosecution is underway.
According to the complaint lodged with the DSI, Mr Konoshita has engaged in dubious transactions involving several companies overseas to exaggerate the company's profits.
Mr Konoshita who became a former chief executive of the company due to the SEC's complaint said later that the SEC had some misunderstandings and he would take legal steps to clarify accusations and confirm the correctness of its financial statement.
The GL board would meet on Wednesday to select his successor, he said.
Tatsuya Konoshita, chairman of GL's executive board, stated that the GL management remained confident of its potential in digital finance and business expansion.