Shareholder lodges complaint with DSI over CTH shutdown

[webfact]

Shareholder lodges complaint with DSI over CTH shutdown

BY THE NATION

By SOMLUCK SRIMALEE
THE NATION

 

 

A MINOR shareholder of CTH yesterday filed a complaint with the Department of Special Investigation (DSI) for the company to be investigated in the wake of a June ruling by the Central Bankruptcy Court that rejected a rehabilitation plan for the cable TV operator and ordered it to enter bankruptcy.

 

Sumet Sonsut, a lawyer representing the minor shareholder, said that, with the complaint to the DSI, it wants an investigation into the company’s conduct.

 

The complaint cited the effect of the company’s bankruptcy on the minor shareholders and also on CTH’s business relationships, including with members of the Thailand Cable TV Association (TCTA) and scores of equipment installation companies. In all, about 100 companies have been affected across the country.

 

According to the filing with the DSI, the financial damage incurred by the minor shareholders and TCTA members is Bt1.9 billion. Combined, more than 100 people nationwide have been affected by CTH’s business shutdown, the filing said. TCTA president Viriya Thamruengthong said that the association’s members face even more losses as a result of issues following the shutdown of TCH’s operations.

 

They need to make arrangements with CTH on matters such as their inventories and money guarantees since the operations ended.

 

“We need the DSI to investigate CTH Plc over its corporate governance and the way it has done business, related to when Central Bankruptcy Court issued a statement on June 22, 2017, that CTH Plc be declared a bankrupt firm,” Viriya said.

The DSI’s director of the bureau of case management, Police Major Worranan Srilum, said yesterday that the department would consider the filed complaint within 10 days, before sending it on to the DSI’s director-general to decide whether to proceed with an investigation.

 

Full story: http://tech.thaivisa.com/shareholder-lodges-complaint-dsi-cth-shutdown/24537/