Elderly Bangkok labourer arrested as a director of a delisted SET firm. He claims identity misuse and ignorance of the company’s affairs. The company failed to file financial reports since 2022, leading to his arrest amid ongoing financial scandal investigations.
A director of a former Stock Exchange of Thailand (SET) firm was arrested in the Bang Khae district of Bangkok on Saturday. The firm had failed, as required by the 1992 Securities and Exchange Act, to file accounts since 2022. However, the elderly man told police, who had a warrant to take him into custody, that he knew nothing about the affairs. In short, he claimed that he had previously worked for the firm as a construction labourer. In addition, he claimed that his identity had been misused to appoint him to the board. The 57-year-old was nevertheless taken into custody.
A listed director of a company previously licensed by the Stock Exchange of Thailand (SET) to sell and trade shares was arrested this week in Bangkok. The operation was carried out by the Technology Crime Suppression Division (TCSD), led by Police Colonel Thirapas Yangyuen, director of the third division of the force.
In short, he was executing an arrest warrant obtained by oversight agencies from the Criminal Court. However, the police did not name the company, except to confirm that its licence to sell and trade shares had been revoked by the stock exchange. Furthermore, at this time, there were 1,124 shareholders.
Arrest warrant issued after failure to submit financial reports for 2022 under Securities and Exchange law
The arrest warrant was applied for against two named directors of the company. One man was identified as Mr. Songrit and the other was 57-year-old Mr. Paiwan. The company is overseen by the Securities and Exchange Commission (SEC).
It had filed the case in the absence of the company directors after it failed to submit financial statements for the year 2022. Under Section 56 of the Securities and Exchange Act 1992, a company must provide audited quarterly accounts. Additionally, annual financial statements must be submitted to the relevant government authorities.
The warrant was issued on August 14 by the Criminal Court No 3777-79/2567.
Former Stark Chairman lands in Bangkok to face the music with nearly ฿15 billion in fraud losses
Certainly, this public company had its shares listed on the Stock Exchange of Thailand (SET). This listing was subsequently revoked.
Recent stock market scandals continue to undermine investor confidence despite modest market recovery
Thailand’s stock exchange is just recovering from a disastrous year. In recent months, it has benefited from a 9.32% rise as US financial markets changed sentiment. However, it is still down by 7.63%.
Part of the problem is undoubtedly shaken confidence in the bourse. Scandals, such as the massive fraud in the Stark Corporation, have dented investor confidence. That affair led to a loss of ฿15 billion in investors’ money. Following this, former Prime Minister Srettha Thavisin urged tough action.
Meanwhile, on Saturday, Technology Crime Suppression Division (TCSD) officers finally located Mr. Paiwan. He was found in the village of Bang Khae Nuea in the Bang Khae District of Bangkok.
The elderly man insisted that he was never a director of the company. However, he admitted to knowing of it. Certainly, he told arresting officers that he had been employed by the company as a labourer. It appears that the company was engaged in the construction sector.
Suspect claims identity misuse. Denies company directorship amid suspicions of larger financial scandal
Mr. Paiwan insisted that his identification card, shown to him by police, was misused. In short, he claimed that this was a case of impersonation.
The situation looks suspicious, as the public limited company has only two directors listed, and the other director, Mr. Songrit, cannot be found according to officers. The accused man claimed he had been employed at a wage of ฿400 a day by the firm.
Despite this, he was taken into custody as directed by the court order. Technology Crime Suppression Division (TCSD) officers are proceeding with the case against him.
Ultimately, it will be for a court of law to decide on Mr. Paiwan’s disturbing representations. His claims hint at a wider scandal that might start with the release of the delisted firm’s name by officials.
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