Thailand Securities & Exchange Commission has filed a criminal complaint against Euroasia Total Logistics Public Company Limited (ETL) and nine current and former directors and responsible persons after finding that ETL concealed a board-approved interim dividend from its IPO Registration Statement and Prospectus. The SEC’s investigation found that ETL’s Board of Directors approved an interim dividend payment of THB 67.8 million on 11 September 2023, but the company later submitted board minutes that concealed this information and also omitted the dividend disclosure from the Filing Form submitted on 9 October 2023, which became effective that day. The SEC considered the dividend information material to its review of whether the Filing Form disclosures were accurate and complete, and stated that the omission meant the Filing Form did not analyse the dividend’s impact, causing ETL’s value and IPO price not to reflect actual events. The complaint alleges offenses under the Securities and Exchange Act B.E. 2535 (1992), including concealment of material facts in the Filing Form under Section 278 and submission of board minutes to the SEC that concealed material information under Section 302/1, with related penalties under Section 300. The individuals named are Mr. Krishna Boonyachai, Mr. Vorapote Uchoepaiboonvong, Mrs. Araya Kongsoonthorn, Mr. Chudet Kongsoonthorn, Miss Busarin Tuanchaem, Mr. Yik Chieh Lee, Miss Krishavan Chuecharoenchai, Mr. Charoenkiat Huthananuntha, and Miss Pincha Chaisam. The case proceeds through investigation by an inquiry official, prosecution by the public prosecutor, and adjudication by the court. The SEC stated it will monitor progress and cooperate with relevant agencies to support legal enforcement after filing the complaint.

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