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Korn Questions Bangchak on Grey Funds & 10 Billion Deal, Urges SEC Probe

Korn Questions Bangchak on Grey Funds & 10 Billion Deal, Urges SEC Probe

Prachachat•Politics•1d ago

Reader Briefing

Korn Chatikavanij, a Democrat Party MP, is demanding the SEC investigate Bangchak and its parent company for alleged ties to grey funds and questionable billions-baht share deals, citing a lack of transparency and rushed decision-making.

  • •MP Korn Chatikavanij has accused Bangchak of potential involvement with grey funds and scrutinizes a 10-billion-baht share acquisition by a newly established company.
  • •The investigation targets a bypass of shareholder meetings for board appointments and asset purchases valued at 9 billion baht, raising concerns about the legitimacy of valuations.
  • •Korn urges the SEC to act swiftly to restore market confidence, questioning the silence of regulators amidst alleged financial improprieties and foreign sanctions.
  • •Allegations extend to share deals involving BCPG, including one from late 2020 with Ben Smith's group and a subsequent 9-billion-baht asset purchase from the Cosmo family, linked to money laundering cases.

Overview

  • •On April 11, 2025, a Bangchak shareholder meeting appointed 5 directors, with 4 re-appointed, due to the regular meeting agenda.
  • •On April 18, 2025, without a regular agenda or shareholder vote, the board approved the resignation of 2 directors and appointed 2 ACE representatives.
  • •ACE, a company established on January 23, 2025, purchased Bangchak shares worth 10,000 million THB with a registered capital of only 50 million THB.
  • •Bangchak reportedly faced international sanctions and delisting from good governance indices due to alleged grey fund involvement.
  • •In May 2025, ACE representatives were appointed as Vice Chairman and Investment Chairman of BCPG, a Bangchak subsidiary, bypassing normal procedures.
  • •Bangchak's subsidiary BCPG sold shares worth 4,500 million THB to Ben Smith's group since late 2023, following a previous approval.
  • •A company acquired assets worth 9,000 million THB from the Cosmo family group in May 2023, despite being newly established with no profit information and a questionable valuation.
  • •Korn Chatikavanij stated that the SEC should not remain silent but must investigate and impose penalties for any wrongdoing.

Full article content is available on the original source.

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Source: Prachachat (Original)

Key Quotes

Korn Chatikavanij
"What is irregular about 'Bangchak'? SEC, why silent? #CovernamesAndBehaviors Is what the PM said true!?"
ความไม่ชอบมาพากลที่ ‘บางจาก’ กลต. เงียบ? #ปิดชื่อถือพฤติกรรม อย่างที่นายกฯ พูดไว้จริงหรือไม่!?
Korn Chatikavanij
"The company stated that having grey funds in the company is a problem because foreigners are strict and have imposed sanctions."
บริษัทบอกว่าการมีทุนเทาอยู่ในบริษัทเป็นปัญหาเพราะต่างชาติที่เข้มงวดเรื่องแบบนี้ถึงขั้นออกมาตรการควํ่าบาตร
Korn Chatikavanij
"The question Bangchak's board must seriously review is why the door was opened so (1) loosely, (2) rushed beyond the timeframe, (3) non-transparent by not passing through shareholders' meeting."
คำถามที่ คณะกรรมการบางจากฯ ต้องทบทวนจริงจังคือ ทำไมจึงได้เปิดประตูอย่าง (1) หละหลวม (2) เร่งร้อนเกินรอบเวลา (3) ไม่โปร่งใส เพราะ ไม่ต้องผ่านที่ประชุมผู้ถือหุ้น
Korn Chatikavanij
"The power of the 'faceless culprit' pushing this disgraceful appointment should be exposed."
ควรที่จะเปิดโปง อำนาจ ”ไอ้โม่ง“​ ที่ผลักดันการแต่งตั้งอัปยศในครั้งนี้
Korn Chatikavanij
"The SEC should not remain silent on this matter. It has a direct duty to investigate, and if wrongdoing is found, there must be clear legal penalties."
กลต. เองก็ไม่ควรเงียบต่อไปกับเรื่องนี้ มีหน้าที่โดยตรงที่จะต้องสืบสวน และหากพบการกระทำที่ไม่ชอบ ต้องมีมาตรการลงโทษที่ชัดเจนตามกฎหมาย

Key Entities

Person

Korn Chatikavanij(กรณ์ จาติกวณิช)ℹ️
List-MP and Deputy Leader of the Democrat Party who is raising questions about Bangchak's financial dealings.
Ben Smith
Associated with a group that previously purchased a significant block of BCPG shares.
Seah Tue(เสี่ยตือ)
A figure associated with the Cosmo family group, involved in questionable asset transactions.
Mr. Q(นายคิว)
Son of Seah Tue Cosmo, reportedly linked to bribery allegations concerning a scammer investigation.
Mr. Chai Chawak Chidchob(ท่าน ไชยชนก ชิดชอบ)
Recipient of alleged bribe offers in relation to a scammer investigation.

Organization

Bangchak(บางจาก)ℹ️
An energy company facing allegations of involvement with grey funds and scrutiny over a multi-billion baht share deal.
SEC(ก.ล.ต.)ℹ️
The Securities and Exchange Commission, urged to investigate Bangchak for alleged financial improprieties.
Democrat Party(พรรคประชาธิปัตย์)ℹ️
The political party of MP Korn Chatikavanij, which is following the Bangchak case closely.
ACE
An entity that appointed representatives to Bangchak's board and BCPG's executive positions, having recently acquired a significant number of shares.
Capital Asia Investment
A company that sold a large number of shares to ACE.
BCPG
A subsidiary of Bangchak where ACE representatives have been appointed to key executive roles, and which has been involved in a large share sale and asset acquisition.
Cosmo family group(กลุ่ม Cosmo)
A family group, whose members were previously involved in web gambling and money laundering cases, from which Bangchak purchased assets at a high price.
Bhumjaithai Party(พรรคภูมิใจไทย)ℹ️
A political party reportedly receiving support from Next News, and whose members are linked in corruption allegations concerning the Cosmo family.
Next News
Reported to be a major supporter of the Bhumjaithai Party, with alleged connections to the alleged bribery scheme.