GEN chairman faces negligence charge
The Securities and Exchange Commission filed charges against six more directors and executives at General Engineering Plc (GEN), for negligence that caused damage to the company.
They are chairman ML Thotsuwan Thongthaem, Managing Director Premchai Kusonroekdi, Apinanthakan Pongsathabordee, Sarunya Sawangwongchinsri, Kiatkong Samrejprasong and Wisadja Kotchasena.
In a statement, the SEC said that it today filed the charges at the Department of Special Investigation (DSI), alleging them of violating the Securities and Exchange Act's Article 281/2.
All six but Wisadja ratified GEN's investment in shares and warrants of P Plus P, now Aqua Corp Plc, before submitting the matter for board of directors' approval. Indulging in such obligations without proper care led to investment loss for GEN, the SEC said. Wisadja, as accounting manager, also failed to act for the company's best interests.
On April 23, the SEC filed similar charges against CEO Amnat Tankuriman, Chai Bunnag and Kittichai Khiewkham.
