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Korn questions Bangchak board appointments, calls for SEC probe into grey funds

Korn questions Bangchak board appointments, calls for SEC probe into grey funds

Matichon•Politics•13h ago

Reader Briefing

Democrat Party's Korn Chatikavanij criticizes Bangchak's corporate governance, alleging suspicious board appointments and calling for an SEC investigation into ties with 'grey funds'.

  • •Korn Chatikavanij, Deputy Leader of the Democrat Party, raised concerns about Bangchak's transparency and board appointments.
  • •A proposal to exclude representatives of 'grey funds' from Bangchak's board failed to gain sufficient shareholder support.
  • •Bangchak's board appointed two new directors from ACE immediately after two existing directors resigned, bypassing shareholder approval.
  • •Concerns are raised about the rapid acquisition of significant shares by ACE from Capital Asia Investment, despite its limited registered capital.

Overview

  • •On April 12, 2025, Korn Chatikavanij posted concerns on his personal Facebook account regarding Bangchak's administration and transparency.
  • •A shareholder meeting occurred in the past week where a proposal to amend company regulations to prevent grey fund representatives from the board was made.
  • •The proposal to amend company regulations to prevent grey fund representatives from the board failed due to insufficient shareholder support.
  • •On April 11, 2025, Bangchak's shareholder meeting appointed five directors as per the agenda, with four re-appointed.
  • •Within one week, on April 18, 2025, Bangchak's board approved the resignation of two directors and appointed two replacement directors from ACE.
  • •ACE, which acquired a large number of shares unusually from Capital Asia Investment, appointed two directors to Bangchak's board.
  • •ACE acquired shares from Capital Asia Investment, a newly established entity on January 23, 2025, with a registered capital of only 50 million THB. ACE purchased Bangchak shares worth 10,000 million THB.
  • •Korn Chatikavanij urged the Securities and Exchange Commission (SEC) to expedite fact-finding and impose clear legal sanctions if wrongdoing is found.

Full article content is available on the original source.

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Source: Matichon (Original)

Key Quotes

Korn Chatikavanij
"The SEC is silent, truly upholding the principle of 'name-blind, deed-specific' as the Prime Minister said? Last week, Bangchak held a shareholder meeting; a proposal to amend company regulations to prevent grey fund representatives from the board failed due to insufficient support."
ก.ล.ต. เงียบ ปิดชื่อถือพฤติกรรมอย่างที่นายกฯ พูดไว้จริงหรือไม่ อาทิตย์ที่ผ่านมา มีประชุมผู้ถือหุ้นบางจาก มีข้อเสนอที่จะแก้ข้อบังคับบริษัทเพื่อกันตัวแทนของทุนเทาออกจากคณะกรรมการบริษัท แต่ล้มเหลวเพราะได้คะแนนสนับสนุนไม่พอ
Korn Chatikavanij
"The entire Bangchak board, past and present, should clarify if and how they benefited scammers, and by whom? Crucially, if they cannot solve this issue, how will they be liable for shareholder damages?"
คณะกรรมการของบางจากทั้งชุดปัจจุบันและชุดในอดีต ควรต้องชี้แจงว่าได้มีส่วนเอื้อประโยชน์ให้กับกลุ่ม scammer หรือไม่ อย่างไร โดยใคร? และที่สำคัญเมื่อแก้ปัญหานี้ไม่ได้ แกะปมไม่ออก จะรับผิดชอบต่อความเสียหายให้กับผู้ถือหุ้นอย่างไร

Key Entities

Person

Korn Chatikavanij(กรณ์ จาติกวนิช)ℹ️
Deputy Leader of the Democrat Party who is publicly questioning Bangchak's corporate governance.
Mr. Ben Smith(นาย Ben Smith)
An individual to whom BCPG sold a significant block of shares.
Sia Tue(เสียตือ)
The leader of the Cosmo Group, whose family members have been involved in online gambling and money laundering cases.
Mr. Q(นายคิว)
Son of Sia Tue Cosmo, reportedly offered a bribe to Chaiyachok Chitpraphat.
Chaiyachok Chitpraphat(ท่านไชยชนก ชิดชอบ)
An individual reportedly offered a bribe by Mr. Q.

Organization

SEC(ก.ล.ต.)ℹ️
The Securities and Exchange Commission, the regulatory body urged to investigate Bangchak.
Bangchak(บางจาก)ℹ️
The company whose board appointments and financial dealings are under scrutiny.
ACE
An entity that appointed two new directors to Bangchak's board.
Capital Asia Investment
The entity from which ACE acquired a large number of shares.
BCPGℹ️
A subsidiary of Bangchak where ACE representatives were also appointed to leadership roles.
Cosmo Group(กลุ่ม Cosmo)
A family group from which BCPG purchased assets at a price deemed potentially excessive.
Bhumjaithai Party(พรรคภูมิใจไทย)ℹ️
A political party that Next News is reportedly a major sponsor of, and whose connection to the Cosmo group is questioned.
Democrat Party(พรรคประชาธิปัตย์)ℹ️
The political party to which Korn Chatikavanij belongs, who will monitor the situation closely.