GEN executive chairman face fraud charge

 Aside from Executive Chairman Amnat Tangurimarn, former director Chai Bunnag and former employee Kittichai Khiewkham also faced similar charges.
 The SEC said in a statement that it has filed the charges to the Department of Special Investigation (DSI), following evidence that Amnat endorsed Chai's plan in having GEN's stock account buy and sell P Plus P Plc's shares and warrants in May 2011, for the benefits of Chai and a certain group of investors. Kittichai was alleged of supporting the transactions, as the controller of GEN's account. 
 The SEC said that it was tipped off by the Stock Exchange of Thailand as well as GEN's auditor. Further investigation shows that the three violated the Securities and Exchange Act's Articles 281 (2), 89 (7), 307 and 311 as well as the Criminal Code's Articles 83 and 86.
 GEN was earlier instructed to revise the 2011 financial statement, as the auditor was barred from the executives to examine the use of the company's capital-increase fund. Then, there were evidence that the number of shares and warrants of P Plus P bought by GEN were higher than the amount approved by the executive board. This led to a loss. The auditor also found serious fallacy in the internal control over the transaction.