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Bangchak: PACC seizure of shares doesn't impact business, will follow law

Bangchak: PACC seizure of shares doesn't impact business, will follow law

Matichon•Economy•2h ago

Reader Briefing

Bangchak reassures business operations remain unaffected by a significant share seizure by Thailand's Anti-Money Laundering Office (AMLO).

  • •Bangchak Corporation states that AMLO's seizure of 6 billion baht in shares will not impact its business operations or management.
  • •The company emphasized that it conducts business with integrity and adheres to good governance principles.
  • •AMLO's action is part of a legal process related to a fraud case involving several individuals, with over 13.074 billion baht linked.

Overview

  • •On February 17, Chaiwat Kovavisarach, CEO of Bangchak Group, addressed the seizure of Bangchak shares by AMLO.
  • •AMLO is seeking to seize 6 billion baht in Bangchak shares as part of a larger fraud investigation totaling over 13.074 billion baht.
  • •The share seizure is linked to a network involving Ben Smith, Jim Leek, and Chin Chi-kock An in a public fraud case.
  • •Chaiwat Kovavisarach stated that the share seizure is a legal process concerning shareholders and will not affect business operations.
  • •Bangchak Corporation confirmed that its business operations and management will continue as usual under the board of directors.
  • •Chaiwat Kovavisarach expressed that the incident will have minimal impact on the company's reputation due to its commitment to integrity and good governance.
  • •Bangchak Corporation highlighted its continued strong performance and recognition from various institutions, reflecting its operational integrity.
  • •The company's consistent performance and external recognitions are cited as evidence of its upright business practices and adherence to standards.

Full article content is available on the original source.

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Source: Matichon (Original)

Key Quotes

Chaiwat Kovavisarach
"The matter of seizing shares will proceed according to legal process, which concerns shareholders and does not affect the company's business operations. Management will continue as normal under the board of directors."
เรื่องการยึดหุ้นให้เป็นไปตามกระบวนการทางกฎหมาย ซึ่งเกี่ยวกับผู้ถือหุ้นไม่กระทบการดำเนินธุรกิจของบริษัท การบริหารงานยังคงดำเนินตามปกติภายใต้บอร์ดบริหาร
Chaiwat Kovavisarach
"In terms of reputation, we see it as having little impact on the company's reputation because we conduct business with integrity and simultaneously prioritize our society and good governance."
ในแง่ของชื่อเสียงมองว่าไม่มีผลมากระทบต่อชื่อเสียงของบริษัท เพราะเราประกอบธุรกิจด้วยความสุจริตในขณะเดียวกัน เรายังให้ความสำคัญกับสังคมและธรรมาภิบาลของเรา

Key Entities

Organization

Bangchak(บางจาก)ℹ️
A Thai energy conglomerate whose shares are involved in an anti-money laundering investigation.
AMLO(ปปง.)
The Anti-Money Laundering Office of Thailand, involved in seizing assets related to alleged fraud.
Anti-Money Laundering Office (AMLO)(สำนักงานป้องกันและปราบปรามการฟอกเงิน (ปปง.))
Government agency in Thailand responsible for investigating and combating money laundering and related financial crimes.
Bangchak Corporation Public Company Limited(บริษัท บางจาก คอร์ปอเรชั่น จำกัด (มหาชน))
The overarching entity of Bangchak, whose shares are subject to an AMLO seizure investigation.

Person

Chaiwat Kovavisarach(นายชัยวัฒน์ โควาวิสารัช)
Chief Executive Officer of Bangchak Group, who commented on the company's business continuity amidst asset seizure.
Ben Smith(เบน สมิธ)
An individual linked to a network allegedly involved in a 13.074 billion baht public fraud case, related to AMLO's share seizure.
Jim Leek(ยิม เลียก)
An individual linked to a network allegedly involved in a 13.074 billion baht public fraud case, related to AMLO's share seizure.
Chin Chi-kock(เฉิน จื้อ-ก๊ก)
An individual linked to a network allegedly involved in a 13.074 billion baht public fraud case, related to AMLO's share seizure.
An(อาน)
An individual linked to a network allegedly involved in a 13.074 billion baht public fraud case, related to AMLO's share seizure.