Former Picnic execs' travel bid rejected
Picnic shareholders Theeratchanon and Supaporn Lapvisuthisin yesterday failed to win approval from the Criminal Court to have their travel bans revoked, although they did win their first-round battle with the Securities and Exchange Commission.
The Criminal Court yesterday turned down their requests, citing that the case is now under appeal by prosecutors. In their petition, Theerachanon and Supaporn reasoned that since the Southern Bangkok Criminal Court had acquitted them of alleged violation of securities laws, they should be allowed to travel abroad. Two years ago, the pair were prosecuted for tampering with Pinic Corp's accounting. They have since resigned from their posts as Picnic's managing director and deputy managing director, respectively. The brother and sister, still the two largest shareholders in the company, were charged on 33 accounts of breaching the Securities and Exchange Act 1992. It was Securities and Exchange Commission secretary-general Thirachai Phuvanatnaranubala who asked that the two be restricted from travelling overseas. The two defendants said that since their resignation, they had set up an import-export company, which requires them to constantly deal with foreign trading partners. They argued that they currently had to send representatives, who cannot make any business decisions, or negotiate on their behalf, which hinders the deal-making process. They added that the travel restriction had deterred many prospective business partners.
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