Bangkok, 23 June 2017 ? The SEC has ordered Polaris Capital Public Company Limited (POLAR) to have an auditor conduct a special audit on the sources, existence and completeness of its accounting records and its disclosure of liabilities in the financial statements as previously reported in the application for business rehabilitation. The results of the special audit must be disclosed within 30 days.

On 8 May 2017, POLAR submitted the financial statements for the year 2016 to the SEC wherein the amount of the shareholders ' equity was 4.58 billion baht. But on the following day, the company notified the Stock Exchange of Thailand (SET) that it had submitted an application for business rehabilitation to the Central Bankruptcy Court, declaring a confirmed amount of liabilities at 5.71 billion baht, which probably exceeded the amount of the existing assets.

The information on the liabilities disclosed in the POLAR financial statements differs significantly from the information disclosed in the application for business rehabilitation. If such information is inaccurate, it may significantly affect the rights of the securities holders or shareholders or investors? decision-making. 

By virtue of Section 58 (3) of the Securities and Exchange Act B.E. 2535 (1992), the SEC has ordered POLAR to arrange a special audit on the sources, existence and completeness of the accounting records, and the disclosure of liabilities in the application for business rehabilitation. The special audit must be conducted by an auditor from any of the Big Four audit firms, and the results of which must be reported to the SEC and disclosed through the SET Electronic Information System within 30 days.  
 

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