Mr Suphanan, however, sent a letter asking to postpone acknowledgment and agreement to pay a civil fine to Oct 3 on grounds of a busy schedule. But the SEC did not allow the postponement and determined that Mr Suphanan was persistent in refusing to set up an IFEC shareholders' meeting, which damaged both IFEC and its subsidiaries. This move could be considered an attempt to delay IFEC business operations to continue being under the management team, instead of setting up a shareholders' meeting to select new directors, the SEC said. "[Mr Suphanan] is ordered to pay a civil fine and the benefits of his wrongdoings, which total 31.93 million baht. "We hope that the process of setting up a shareholders' meeting can happen in the next 1-2 months," Ms Yaowaluck said.

Source: Bangkok Post September 05, 2018 00:00 UTC