Authorities meet next month on TPIPL asset foreclosure

"We will exchange informa¬tion on that date. The meeting is set so that the SEC can give the information," SEC secretarygeneral Thirachai Phuvanatnaranubala said yesterday, noting that the foreclosure involves a huge amount of assets and TPIPL is still operating.

He acknowledged that the issue was complicated and required information from the SEC.

"I can't predict how the process might proceed, as it involves many technical issues. We should know after the meeting," he said.

The SEC next week will call for an internal meeting to see the impact of the foreclosure and how to protect the parties involved.

TPIPL stock has been suspended from trading on the bourse since Thursday following the Criminal Court's decision on August 5 to appoint an official receiver to handle the foreclosure.

Last December, the court handed down a guilty verdict, sentencing Prachai Leophairatana, the company's founder, to three years in jail and fining TPIPL Bt6.9 billion for shareprice manipulation. This forced Prachai to resign as leader of the Matchima Thipataya Party.

TPIPL has not yet paid the fines, saying that the AttorneyGeneral's Office special prose¬cutors resolved that the fines must be paid when the case is completed. TPIPL is in the process of appealing against the Criminal Court's ruling.

"We have appealed to the Appeal Court and the court is considering whether to uphold the Criminal Court's ruling," Prachai told Krungthep Turakij yesterday.

He believes the Criminal Court cannot foreclose the company's assets as TPIPL remains under the business rehabilitation process. "We're now protected by the Bankruptcy Act and we have filed a petition against the appointment of official receivers for the foreclosure."

Prachai said the company would set aside provisions of Bt6.9 billion this quarter, which would plunge the company into a net loss this year.