Thursday, October 17, 2019

NMG shareholders sign off on financial statement

Oct 31. 2018
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SHAREHOLDERS of Nation Multimedia Group (NMG) yesterday approved the company’s 2017 financial statement in an extraordinary general meeting.

The statement had earlier been examined by an auditor and approved by the company's board.

The meeting also resolved to increase the number of the board directors to 10 from the current eight in order to improve the company’s corporate governance.

The two new directors are Thanachai Santichaikul, who will be an independent director, and Ka Ming Jacky Lam.

The company determined that the two are qualified to assume the posts, in full compliance with the company's regulations and those of the market and corporate regulators.

During the meeting, some shareholders raised questions over what they called some doubtful figures under accrued income. The NMG board is examining the matter. 

The income in question was booked in the NMG annual financial statements from 2014 to 2017.

At the meeting, members of the board told these shareholders that the company had filed a complaint with the Securities and Exchange Commission (SEC) requesting it to look into the matter. It has also filed a complaint against some former directors and managers after alleging that the company's financial statements from 2015 to 2017 might have been manipulated.

Additionally, NMG's chief executive officer Somchai Meesen said that the company has filed a complaint with a civil court to claim damages relating to the matter.

On the operational side, he said that NMG's Nation 22 and Now26 digital TV channels had seen an improvement in ratings. The ratings of the Nation 22 channel in September rose to 0.189 from 0.098 in March, while that of Now 26 edged up to 0.304 in September from 0.192 in March.


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