SET consults SEC on Power-P
The Stock Exchange of Thailand (SET) has sought information from the Securities and Exchange Commission (SEC) concerning a complaint filed against Power-P's top three executives on accounting-fraud charges, bourse senior vice president for the Market Regulation Division Sakkarin Ruamsangsri said yesterday.
"We have to consider whether the troubled account will hurt Power-P's net profit, ahead of making a decision on how to proceed with the case. We recently used the company's net profit for the first nine months of 2005 in deciding to allow the firm's stock to move back to trading in the normal sector," he said. Shortly after the securities watchdog announced it had filed a complaint with the Department of Special Investigation against Power-P chairman and CEO Ratchasak Susewi, senior executive vice president for finance and accounting Phongsak Khongpanyakul and director for business development Siriporn Tangmitpracha on allegations of accounting fraud, the SET suspended trading of Power-P shares. Komkrit Luechanya was named as another suspect who had allegedly facilitated the falsification of Power-P's accounts. The SEC found solid evidence that Bt10.5 million in revenues - representing 43 per cent of the company's total revenues in 2004 - was the result of cooked books. Shares of Power-P will not be allowed to return to active trading in the normal sector until the issue has been resolved.
Oranan Paweewun The Nation
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