The Thailand Securities and Exchange Commission has instructed Samchai Steel Industries Public Company Limited (SAM) to conduct a special audit of transactions involving sales of goods below cost, submit the audit report to the regulator within 30 days, and disclose the report via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink). The order follows the auditor’s qualified opinion on SAM’s first to third quarter 2024 financial statements, where the auditor reported being unable to review inventory and therefore could not verify SAM’s explanation that the inventory comprised obsolete and damaged goods requiring below-cost sales. The SEC’s instruction, issued under Section 58(3) of the Securities and Exchange Act B.E. 2535 (1992), requires the audit to be performed by an auditor on the SEC Approval List and for SAM to submit the report together with relevant supporting documents and evidence. The 30-day submission period runs from 24 February 2025, and disclosure through SETLink is required concurrently with submission.
Thailand Securities & Exchange Commission 2025-02-24
Thailand Securities and Exchange Commission orders Samchai Steel Industries to commission special audit of below-cost sales and disclose findings within 30 days
The Thailand Securities and Exchange Commission has mandated Samchai Steel Industries Public Company Limited to conduct a special audit on below-cost sales transactions, following an auditor's qualified opinion on their 2024 financial statements. The audit, to be conducted by an SEC-approved auditor, must be submitted with supporting documents within 30 days and disclosed via SETLink.