Suthichai questions 'unfair' SEC move to suspend NMG directors
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The members of the board of Nation Multimedia Group Plc (NMG) led by Suthichai Yoon on Friday called for fair treatment after the Securities and Exchange Commission (SEC) yesterday suspended eight NMG directors, as they were facing prosecution.
“The [SEC’s] order is like an execution order. We are victims of an unfair action,” former board member Suthichai said at a press conference.
The SEC justified its order on the grounds that the eight members were under prosecution in court for failing to perform their duties in accordance with the law at NMG's annual general meeting of shareholders in 2015.
The SEC order came yesterday, hours after the Phra Khanong Provincial Court ruled former NMG chairman Nittimon Hastindra na Ayudhya solely responsible for banning a group of shareholders from attending the AGM on April 29, 2015.
The court acquitted the other eight members of then board: Suthichai, Pakorn Borimasporn, Chaveng Chariya-pisuthi, Adisak Limprungpatanakit, Kaemakorn Vachiravarakarn, Pana Janviroj, Duangkamol Chotana and Sermsin Samalapa.
The court did not find the eight other NMG directors involved with the decision to block the shareholders from the AGM. It also did not find the plaintiff's evidence to be convincing enough to evict them from the board.
Suthichai said the SEC had never asked the eight members to acknowledge the accusation. He questioned on what grounds the SEC had issed the suspension order.
“The court has acquitted us but the SEC, which has never called us to testify, has ordered our removal from the board. It’s very unfair,” he said.
The board will submit an appeal to the SEC later, NMG chief executive officer Duangkamol said.
Suthichai added that they may file an appeal with the Administration Court too.
Meanwhile, the Stock Exchange of Thailand, on Friday morning, posted a "Halt" sign on the securities of NMG, Nation Broadcasting Corporation (NBC) and Nation International Edutainment (NINE).
