TTA appoints lawyer
Thoresen Thai Agencies Plc (TTA) has appointed Baker & McKenzie to represent it in the case raised by its minor shareholders.
TTA has received a letter from the Department of Special Investigation (DSI), requesting its management to attend a Dec 20 meeting in order to hear charges filed against it Banjerd Satiravaranond and associates.
In a statement released today, TTA’s management said that it is confident that it has always run the company in a transparent and professional manner. The company will provide any information required by the DSI in order to safeguard its reputation and prove that the accusations made against it are baseless.
"TTA is a transparent public company that has been awarded a five-star corporate governance rating by the Thai Institute of Directors in recognition of the high ethical standards it employs. The company’s investment decisions are made only after a great deal of due diligence, a process that is undertaken internally with high-level assistance from specialized and experienced outside advisors. The company’s management stands by its investment decisions and believes in the long term value they add to the company and to its stakeholders," it said.
TTA’s management categorically denies all accusations of wrongdoing. It also believes that this group of shareholders might have obtained incorrect facts from unknown sources, which in turn may damage the company’s corporate reputation.
