Adamas denies involvement in G2G rice deal
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Listed Adamas Corp today clarified that its subsidiary, Kitha Properties Co Ltd, has no involvement in the government-to-government rice deal.
The statement followed the National Anti-Corruption Commission’s decision on Tuesday to indict a number of individuals and companies alleged to have involved in the controversial G2G rice deal.
Kitha was held as an accomplice.
“The Company would like to clarify that Kitha has confirmed that it has not involved in the actions or procedures described as the wrongdoings. From its inception, Kitha undertake real estate development business only and has never undertaken rice trading or purchase or sell rice. Kitha have not been informed of the indictment resolution from the Office of the National Anti-Corruption Commission or other agencies. If we receive any additional relevant information, we will inform the Stock Exchange of Thailand accordingly,” Adamas’ chief executive officer Panchai Aroonpairoj said in the statement.
Adamas took over Kitha in July 2014 at the cost of Bt800 million.
Adamas’ share trading is suspended as of today.
