Bangkok, October 7, 2015 ? The Criminal Court sentenced Ratchasak Susewi, former executive of POWER-P Plc. (POWER) responsible for the company operation, for corporate fraud. Ratchasak permitted POWER-P to pay 45 million baht higher than actual value as deposit for shares purchase of another company.  In addition, he permitted false records or no record of important information in the company?s accounts and documents, and also prepared incorrect accounts with intention to deceive others about those fraudulent actions.

Previously, the SEC had received complaint concerning POWER-P?s suspicious investment in L.V.C. Development Co., Ltd. that there might be falsification of documents on the purchase of L.V.C. Development?s shares during 2005 to syphon benefits out of POWER-P. After the SEC?s probe revealed such wrongdoings, a criminal complaint was filed with the Department of Special Investigation (DSI) against Ratchasak on December 30, 2010. The DSI then proceeded the case and collaborated with the Department of Economic Crime Litigation 4 of the Office of the Attorney- General. This resulted in a lawsuit filed against the defendant.

On March 30, 2015,  the Criminal Court ruled against Ratchasak for violating Sections 307, 308, 311 in conjunction with Section 313, and Section 312(2)(3) of  the Securities and Exchange Act B.E. 2535 (1992) (SEA). He was sentenced to serve 8-year imprisonment for corporate fraud in accordance with Section 90 of the Penal Code. In addition, he was also sentenced to serve 8-year imprisonment for violating Section 312 of the SEA for permitting false records or no record of important information in POWER-P?s 2005 financial statements and documents, as well as incomplete, incorrect and inaccurate accounts to deceive the others.

Owing to the fact that Ratchasak made confession beneficial to the case, the Court reduced the punishments according to Section 78 of the Penal Code. Accordingly, each jail term was reduced to five years and four months, making a total of 10 years and 8 months without
suspension.

Vasant Thienhom, SEC Deputy Secretary-General said, ?Listed companies? financial information are very important for investor?s ability to make investment decision. Hence, the law requires the information to be disclosed sufficiently, correctly, fairly and timely.  Listed companies? executives or board members who disclosed falsified information or concealed facts that should be revealed to the public are liable to criminal sanctions.  More severe penalties will be imposed in case the act is done with an aim to deceive investors or general public.  The SEC thus urges executives and board members to perform their duties with honesty and due care in disclosing listed companies? material information.?   

Information contained in this news release is as of the aforementioned release date. For those who wish to see current status of the matter,
please go to compliant filed with inquiry officer