iTV board sued for 'lost billions'
A shareholder of the defunct independent television station filed a civil lawsuit yesterday demanding Bt148 billion in damages from nine iTV executives - for mismanagement that caused the loss of the station's broadcasting concession.
Plaintiff Supong Limthanakul singled out former iTV board chairman Boonklee Plangsiri as the lead defendant. The other eight defendants are Anan Leetrakul, Weerawong Jitmitrapap, Sarita Bunnag, Niwatthamrong Boonsongpaisal, Somprason Boonyachai, Damrong Kasemset, Suripen Sitasuwan and Songsak Premsuk. The plaintiff contends that iTV was a listed company with 12,815 minor shareholders who became victims of mismanagement that lead to the cancellation of the station's broadcasting concession. Without the concession, the station had lost the opportunity to generate business earnings for the next 18 years - worth about Bt45 billion. The plaintiff asked the court to order the executive board to compensate shareholders for lost business opportunities, plus pay Bt100 billion in fines and unpaid concession fees, which the station owes to the government. The defence should also be responsible for any interest charges incurred during the litigation, the suit argued.
|
