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SEC alleges Picnic accounts fraud: Shares plummet 55% as investors pull out.
Byline: Nuntawun Polkuamdee
Jul. 1--The Securities and Exchange Commission has laid criminal complaints of fraud and accounting misrepresentation against the brother of Deputy Commerce Minister Suriya Larpwisuthisin for alleged fraud at Picnic Gas, as investors hammered the company's stock down more than 55 percent at the Stock Exchange of Thailand yesterday.
The SEC accused Theeraratchanon Lapvisutisin, who resigned as Picnic managing director on June 15, and Supaporn Lapvisutisin, a Picnic director and deputy MD, of submitting false statements, fraudulent accounts and violating their fiduciary duties relating to gas cylinder rental contracts with 10 refilling companies.
Seven owners of refilling companies are accused of breaking securities regulations and complicity in the fraud. They are Anukul Tangruangkiat, Piriya Thavorn, Chalermchai Chubpa, Nuchanart Priksuwan, Parames Laongsuwan, ...
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...complaint for fraud and accounting misrepresentation against Theeraratchanon Lapvisutisin, the former Picnic managing director, and...yesterday that additional charges could be filed against Mr Theeraratchanon and others relating to transactions at the company. Shares...