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SEC files criminal complaint against NMG executive for failure to perform duties at shareholders? meeting



Thursday 24 December 2015 | No. 136 / 2015



Bangkok, December 24, 2015 ? The SEC has filed a criminal complaint against Nittimon Hastindra Na Ayudhya, Chairman of Nation Multimedia Group Public Company Limited (NMG), with the Economic Crime Suppression Division of the Royal Thai Police (ECD Police) for not allowing some NMG shareholders to attend and exercise their voting rights at the annual general shareholders? meeting (AGM).  

Nittimon, as chairman of NMG and the AGM on April 29, 2015, did not allow some NMG shareholders to attend and exercise their voting rights and some attending shareholders to cast their votes on certain agenda items at AGM. According to the consideration of the Department of Business Development, the Ministry of Commerce, Nittimon?s action was in violation of Section 33, Section 102 and Section 105 of the Public Companies Act of 1992, which do not give chairman of shareholders? meeting the power to ban entitled shareholders from attending the meeting and excercising their voting rights.

In addition, such action was deemed a failure to perform duties responsibly, carefully and honestly in violation of Section 89/7 of the Securities and Exchange Act of 1992 (SEA), which caused him or other persons to gain benefit and was consequently liable to the penalties as prescribed in the first paragraph of Section 281/2 of the SEA. 

Since Nittimon had refused to enter the settlement process, the SEC filed the complaint with the ECD Police for further legal proceeding. Consequently, he is deemed as having untrustworthy characteristics of directors and executives of issuing and listed companies*, and thus automatically barred from holding such positions in such companies by virtue of the SEA. 

In any case, filing a criminal complaint commences the criminal justice administration whereby the consideration whether a defendant is guilty will be proceeded by the inquiry official and the public prosecutor, and the court will judge the case, respectively.

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* Clause 3 in conjunction with Clause 4(3) of the SEC Notification No. Kor Jor. 8/2553 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives Dated 23 April 2010.  



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