MCOT radio unit eyes BT1 bn from events

Wisuth Komwatcharapong, senior vice president for radio business at the state media enterprise, said yesterday that the event business would be a key strategy to lure a number of sponsors for its radio network, namely FM 95MHz Look Tung Mahanakhorn, FM 97.5MHz SEED, FM 99MHz Active |Radio, FM 100.5MHz News Network, and MET 107 For Live & Music.

 

SEC FILES CASE WITH DSI

The Securities and Exchange Commission (SEC) filed a criminal complaint with the Department of Special Investigation (DSI) against directors and executives of G Steel and GJ Steel for falsifying or permitting others to falsify the accounts of GSTEL and GLS by making false entries for the purchase of raw materials from overseas materially lower than the actual value to create a false impression of the companies’ financial condition and performance. 

The complaint named four exectives: Somsak Leeswadtrakul, GSTEL director and executive and GJS director; Kannikar Soykeeree, GSTEL executive; Nakun Sakunchotikarote, GSTEL executive; and Chanathip Trivuth, GJS director and executive. 

The SEC found that in early 2008, GSTEL and GJS, its subsidiary, made advance purchase orders of a large amount of steel from overseas suppliers at the market price at that time. Later, the steel price dropped sharply, causing GSTEL and GJS to realise high losses as production costs were high while the products were sold at the lower market price. 

To avoid realisation of the losses, the above four executives allegedly ordered or permitted or facilitated recording of account entries of overseas trade accounts payables lower than actual liabilities. In the case of GSTEL, the said entries were found in the following financial statements: Bt85 million in 2008, Bt1,144 million in Q1/2009, Bt2,131million in Q2/2009, Bt2,072 million in Q3/2009, and Bt1,987 million in 2009, respectively. 

Meanwhile, in the case of GJS, the said entries were found in the following financial statements: Bt378 million in Q1/2009, Bt800 million in Q2/2009, Bt1,010 million in Q3/2009, and Bt1,023 million in 2009, respectively.

Their actions were in violation of Sections 312 and 315 of the Securities and Exchange Act BE 2535 (1992) (SEA) in conjunction with Sections 83 and 86 of the Penal Code. 

Besides, the executives are deemed as having untrustworthy characteristics for directors and executives of a publicly held company. 

This caused the termination of their directorship and executive positions by the provision of the SEA.

In any case, the filing of a criminal complaint commences the administration of criminal justice, whereby the court will judge the case accordingly.