Rawat awaits final ruling
Rawat Chindapol, founder of Murex Co Ltd, which operates the Blue Canyon Country Club in Phuket, said his battle with Singaporean businessman Sia Leng Yeun, who took control of Murex, is not yet over, because the Central Bankruptcy Court has yet to give its final ruling.
Rawat told a press conference yesterday the court ruled on Monday to delay Murex's exit plan from the rehabilitation programme, pending an upcoming verdict by the Supreme Court. Murex operates an 1,800-rai golf course in Phuket.A few years ago, a Singaporean investor bought shares in Murex, which was on the verge of bankruptcy and had to enter the rehabilitation programme. Sia is now the biggest shareholder, with control of management. Rawat owns only 4 per cent. But, Rawat has claimed that Sia's acquisition was fraudulent. In 2004, Rawat filed a lawsuit against Sia accusing him of failing to increase capital to help the financially strapped company like he had promised to do. Rawat accused Sia of falsifying the loan-application documents. He claimed Sia used these allegedly fraudulent documents to request his share in a golf-course company be increased. If the company could raise sufficient capital, Murex could graduate from the rehabilitation plan, because the company would exit the bankruptcy programme. Rawat earlier filed suits over an allegedly irregular increase in registered capital that resulted in the dilution of his stake from 65 per cent to 4 per cent and the loss of his management control. He submitted documents to the Central Bankruptcy Court last Friday accusing Legacy Resources (Thailand) Ltd, which injected Bt2-billion into Murex, of close links to Sia. "Legacy Resources (Thailand) has quite-limited registered capital, only Bt10,000, and the company was set up to apply for a loan from DB Real Estate Ltd using the asset credibility of Murex," Rawat said. Kwanchai Rungfapaisarn The Nation
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