IEC required to clearify more on Crystal Agro

The required information must be informed to the SET by this Thursday.

"Upon examination of the said disposition of CTA's shares, the SET found that essential information provided by IEC was not clear enough," the SET said in a statement released yesterday.

The SET has required IEC to provide further details about the disposal's objectives and reasons, impact from the share sale, the obligations under agreements involving IEC, CTA, and Siam Stone Architect Co., Ltd. (SSA), and loan repayment and guarantee to Crystal Agro.

"Whether the sale of CTA's shares would affect the obligation of wood delivery including the receiving of the payment of the remaining Bt170 million, and how," the SET said.

"Contingency plan in the event SSA is not able to cut and transport the wood within 2 years or by August 1, 2008 as specified in the agreement. In case SSA fails to perform as mentioned, is IEC required to refund the advance of Bt50 million to SSA? Why? Will IEC be able to retrieve the Bt60 million advance payment for the purchase of wood from CTA? Why?."

Crystal Agro's another 50 per cent stake is owned by Suwit Witchawut, who has had close relationship with one of the former IEC's directors. The company is a plant cultivation firm for ethanol products, which is a part of the company's investment alternative energy portfolio.

- The Nation

Siriporn Chanjindamanee