Activist Srisuwan Chanya says he will on Tuesday file a complaint with the Securities and Exchange Commission, seeking the delisting of Italian-Thai Development Plc following the illegal hunting allegedly committed by its president and board director.
Premchai Karnasuta, together with three others, was caught with carcasses of animals of endangered species and several firearms in a prohibited area of the World Heritage Thungyai Naresuan Wildlife Sanctuary in Kanchanaburi province late on Feb 11.
He was accused of hunting animals of endangered species, hunting in prohibited areas and possession of firearms. He denied the charges.
In a statement, Mr Srisuwan said on Monday since ITD was a contractor of numerous state projects, Mr Premchai’s behaviour and actions violated the 1992 Securities and Exchange (Section 85, 89/7 and 89/21).
Premchai Karnasuta (centre), president and director of SET-listed Italian-Thai Development Plc, sits at Thong Pha Phum police station, Kanchanaburi province, after being arrested on Feb 6.
An SEC regulation on delisting also clearly states: “Directors and executives of a public company must perform their duties with responsibility, care and integrity. They must also comply with the laws”.
Mr Srisuwan views these are grounds for the SEC to delist the company.
In his capacity as president of the Thailand Constitution Protection Association, Mr Srisuwan said he would file a complaint with the SEC’s secretary-general to investigate the facts.
“If found to have committed the crime, Mr Premchai should be punished, which may lead the delisting of the company,” the statement said.
ITD has not released any statement to investors since Mr Premchai was taken into custody. He was allowed bail on a bond of 150,000 baht on Tuesday.
The SEC issued a short statement on its opinion on Mr Premchai’s alleged crime, saying it was a personal issue and the case is still pending.
“For listed company executives, the SEC law focuses on management, integrity and professionalism in running companies. Initially, we have yet to find any wrongdoing involving the management of the listed company [ITD],” read the statement, which quoted Pariya Techamuanvivit, corporate communication and investor education director.
Social media, however, do not mince words after a user shared ITD’s corporate governance and social responsibility policies. The document states its executives “must have social responsibility and refrains from doing anything that may adversely affect natural resources and the environment”.
ITD, one of the top three construction contractors in Thailand, reportedly has a backlog of projects worth a combined 300 billion baht. It listed on the Stock Exchange of Thailand in 1994.
According to the latest Stock Exchange of Thailand data on the company last March, Mr Premchai owns 14.9% of the 19.4-billion-baht company under his name, in addition to the stakes owned by his sister, Nijaporn Charanachitta, and other family members.
Mr Premchai also owns 1.8% in SET-listed OHTL Plc, the operator of the 142-year-old Mandarin Oriental Bangkok on the Chao Phraya River, after his family sold a 49% stake of what was then The Oriental to Mandarin Oriental Holdings BV in 1974.
Mr Premchai and Mrs Nijaporn were jointly ranked by Forbes magazine as the 35th richest people in Thailand in 2016, with a net worth of $630 million. They fell out of the Top 50 last year as ITD shares shed 35%, mainly because of delays in state infrastructure spending.
ITD shares rose 1.09% to 3.72 baht in trade worth 47.3 million baht at 4.44pm on Monday.
