Former boss of Natural Park takes on the SEC

Thosapong Jaruthavee, the former managing director of Natural Park Plc, yesterday sought retaliation against Securities and Exchange Commission secretary-general Thirachai Phuvanat-naranubala and five other officials.
He accused them of malfeasance, which landed him in a minefield of economic and social troubles. Thosapong filed charges yesterday at Tao Poon police station, alleging officials violated the Criminal Act's Article 157 for malfeasance. "This is a personal claim, which has nothing to do with the company," he said to reporters. "My income has been in peril as I cannot be a director of any listed company. "I also suffered socially because I was branded a cheat. "My relatives misunderstood me. This charge will be a benchmark to urge all officials to be more careful in their operations." The SEC filed charges against Thospong on August 23, 2004 with the Department of Special Investigation (DSI), accusing him of striking business decisions in 1999 that benefited businesswoman Sawang Mankongcharoen. The SEC also accused Sawang of benefiting from Thospong's actions. The SEC charges were filed after the financial crisis that put the listed property development company under a rehabilitation process. In his first public appearance since the economic collapse, Thosapong said the crisis itself cost him more than Bt10 billion due to his holding of about 20 per cent of the company. Due to the rehabilitation plan that included share dilution, Thospong currently holds no shares in the company. Exacerbating his situation were the SEC charges, which forced him out as a director of Natural Park, he said. The developer said he was encouraged to file the retaliatory charge after the Attorney's General Office decided to drop all the SEC charges last month. He said he might also consider filing a civil lawsuit and insisted that regardless of what happened with the criminal suit, he would not return to work for Natural Park.
Siriporn Chanjindamanee The Nation
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