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TPIPL fights foreclosure

By SOMLUCK SRIMALEE
THE NATION
Published on August 15, 2008

TPI Polene is fighting the Criminal Court's move to foreclose on its assets worth Bt6.9 billion, saying that the court had no ground to follow through with the foreclosure, said a company source.

"The court claims that a new law allows it to foreclose assets if the defendant pleads guilty in the court case. Yet, we didn't plead guilty and we are appealing against the court ruling," the source explained.

The Stock Exchange of Thailand yesterday suspended share trading in the cement company, pending an explanation. The suspension followed notification from the Securities and Exchange Commission that the Criminal Court had contacted the office for cooperation in the foreclosure in September.

The exchange said the suspension would be lifted if TPIPL could explain what process it is undergoing concerning the court's ruling and how the company would react to the court's foreclosure procedure.

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TPIPL fights foreclosure

TPI Polene is fighting the Criminal Court's move to foreclose on its assets worth Bt6.9 billion, saying that the court had no ground to follow through with the foreclosure, said a company source.

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