In mid-2021, the DSI requested that the SEC further investigate the facts and evidence in a case where the SEC had filed a criminal complaint,* due to suspicious circumstances suggesting that IEC** had purchased land for a power plant construction in a corrupt manner to seek unlawful gain. The SEC’s investigation revealed actions that could constitute offenses under the Securities and Exchange Act B.E. 2535 (1992) (SEA). As a result, the SEC filed a criminal complaint against the four persons involved, namely (1) Mr. Bhusana Premanode and (2) Ms. Sunjutha Witchawut, former IEC director and executive, together with their associates, i.e., (3) Lt. Gen. Anutat Bunnag and (4) Mr. Saran Lertcharoenwongsa. According to the investigative findings, there were facts and evidence suggesting that, during 2014 – 2015, the four persons colluded to engage in corrupt activities through the purchase of land for the construction of a biomass power plant and plastic recycling facility in Banbung District, Chonburi Province at an unreasonably high price. Additionally, they directed IEC to pay fees for acquiring waste management rights as part of a sub-contract, even though Bhusana and Sunjutha had already known that the company would be unable to fulfil the sub-contract terms due to the cancellation of the power plant project. Their actions resulted in financial damage to IEC at the total amount of 156.8 million baht. 

The actions of the above persons constitute the offenses under Paragraph 2 of Section 281/2, in conjunction with Section 89/7 and Section 307, Section 308, Section 311, Section 313 and Section 315 of the SEA, in conjunction with Section 83 and Section 86 of the Criminal Code, as the case may be. The SEC has therefore filed this criminal complaint against the four persons with the DSI for consideration of further legal action.   

This criminal complaint has resulted in the persons liable to have untrustworthy characteristics and therefore unable to hold a position as a director or executive in securities issuing companies and listed companies throughout the duration of the legal proceedings, starting from the SEC’s filing date of the criminal complaint with the DSI.***

In any case, after filing a criminal complaint, the criminal proceedings continue with the investigation by the inquiry official, the prosecution by the public prosecutor, and the judgment by the Court of Justice, respectively. In this particular case, the SEC will monitor the progress of the legal proceedings and collaborate fully with relevant authorities to support law enforcement under the SEA.  

Remark: 

* SEC News Release No. 104/2017 headlined: “SEC files criminal complaints against 25 former IEC executives and associates for fraudulent acts and exploitation of the company’s interest” published on 31 October 2017: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=6920&NewsNo=104&NewsYear=2017&Lang=EN    

** The Stock Exchange of Thailand (SET) delisted the ordinary shares of International Engineering Public Company Limited (IEC) on 10 July 2019.  

*** Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives, dated 23 January 2017.