OAG spokesman Atthapol Yaisawang said the appeal had been perfected and would be filed next week. The appeal runs to more than 200 pages.

 "We are confident we have enough evidence for the appeal to succeed," Atthapol said.

 "Last month the Criminal Court dismissed the case. The judge had a different point of view from the OAG. So, in this appeal, we will clarify our point for the judge to consider," he added.

In October last year the Department of Special Investigation accused Theeratchanon and Supaporn - the majority shareholders and former top executives of the cooking-gas distributor - and 22 other individuals and juristic persons of violating the Securities and Exchange Act.

The alleged accounting fraud totalled nearly Bt400 million.

Krung Thai Asset Management is claiming Picnic is in default of its bills of exchange, too.

The company's 11 provident funds invested Bt500 million in Picnic bills of exchange on which it defaulted in 2005. Last year, Picnic increased its capital, saying it would use the money to repay the bills.

It raised Bt1.48 billion but Krung Thai Asset Management and other creditors have yet to receive full repayment.

Krung Thai alleges it has received Bt200 million only. President and chief executive Sripop Sarasas said it would take legal action to recoup the alleged debt, overdue since December 15. A negotiated repayment period expired last month.

Sripop encouraged regulators to advise Picnic shareholders to take similar action. "The objective of the capital increase last year was crystal clear. It was to raise funds to repay debt. But creditors still haven't received the full amount. The case will have more impact if Picnic's shareholders support it," Sripop said.

Krung Thai prepared charges on behalf of three of the 11 provident funds. It is preparing charges on behalf of the remaining eight.

It has submitted to the Securities and Exchange Commission allegations claiming Picnic has shown no intention of repayment.

Aberdeen Asset Management invested Bt50 million in Picnic bills of exchange and took successful legal action for repayment after receiving no response to three settlement demands sent since November 2005.

According to an Aberdeen lawyer, it is now seeking confiscation of Picnic properties in lieu of repayment.

Meanwhile, Stock Exchange of Thailand legal department vice president Sakkarin Ruamrangsri said the exchange was yet to be informed how Picnic spent the proceeds of its recent capital increase.

Listed companies commit a criminal offence if they do not use funds as stipulated.

Siriporn Chanjindamanee,

Piyarat Setthasiriphaiboon

The Nation