Political activist Mr Srisuwan Janya, secretary-general of the Association of Thai Constitution Protection Organizations, today asked the Securities and Exchange Commission (SEC) to delist Italian Thai Development from the stock market, citing the inappropriate governance and personal behaviour of its chief executive and president Premchai Karnasuta.
Srisuwan said since Italian Thai Development holds contracts of several state mega projects and is a listed company on the Stock Exchange of Thailand, his behaviour and his acts relevant to poaching in wildlife sanctuaries was considered a violation of good governance principle and of the laws, including the Securities and Exchange Act which states clearly that the executive of listed company must perform duty with responsibility and honesty.
His violation of several laws therefore deserved delisting from the stock market.
Premchai holds 14.88% stake in the listed company.
Source: Thai Public Broadcasting Service (Thai PBS)