PTT threatens legal action

Economy May 27, 2014 00:00


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PTT has denied an allegation on social networks that it opened a secret account in the Cayman Islands to launder money.

PTT is prepared to take legal action against the person(s) who posted the original allegation. 
As a state enterprise and a listed company on the Stock Exchange of Thailand, PTT is subject to auditing by the Office of the Auditor-General of Thailand and subject to the bourse’s regulations on good corporate governance. 
“The posting and spreading of such distorted or false information on the Internet and social media can cause misunderstanding and social disunity as warned and prohibited by the announcement of the National Council for Peace and Order,” PTT said. 
“PTT will take legal action against the individual/group of people who posted and spread such a false allegation.” 
The Central Administrative Court yesterday called the National Broadcasting and Telecommunications Commission (NBTC) to testify in the case involving Channel 3 operator Bangkok Entertainment’s lawsuit against the broadcasting regulator in the company’s bid to keep airing programmes through the pay-TV analog platform.
Bangkok Entertainment filed the lawsuit on Friday challenging the NBTC’s “must carry” rules.
It has also asked for an injunction and for the case to heard urgently. The rules forbid pay-TV operators from airing analog programmes on their platforms after May 25.
Abraaj Group acquires stake in KPN Academy
The Abraaj Group, a leading investor operating in global growth markets, yesterday announced the acquisition of a stake in KPN Academy, one of Thailand’s leading out-of-school education service providers.
The acquisition was made through the group’s Southeast Asia fund.
Established in 2000, KPN Academy has grown from a music education provider into a multi-educational group with a portfolio of private education institutions. 
KPN now has over 103 centres across Thailand, offering a variety of subjects including mathematics, chemistry, physics and social sciences. Its music vertical – KPN Music – is one of the largest music education service providers in Thailand with more than 500,000 students actively enrolled in its programmes.
This marks Abraaj’s sixth investment by its current Southeast Asia fund and the 29th investment in the region since 2005. 
JPMorgan app launched
JP Morgan Asset Management (JPMAM) yesterday announced the launch of its JPMorgan Insights App in Asia, targeting the investment consultant community and end-investors. 
It provides clients with personalised access to JPMAM’s entire library of multimedia resources and intellectual capital across all major asset classes, markets and investment themes worldwide. The application is currently available for the iPad.
The centrepiece of the app is the interactive guide to the markets in Asia, featuring talking points and audio commentary from JPMAM’s global strategy team and offering users the ability to save and rearrange their favourite slides to share with their clients and prospects.
Currently, the English-language version of the app is being rolled out in Hong Kong, Taiwan, Singapore, India and South Korea. In addition, the Japanese-language version is being rolled out in Japan. 
Rules on convertible bonds
The Securities and Exchange Commission requires that application and information disclosure for offshore offerings of convertible debentures be jointly prepared by a convertible debentures issuer and an SEC-approved financial adviser, while a more comprehensive disclosure of information about the dilution effect is mandatory. 
The revised regulations will come into effect next month. 
SEC secretary-general Vorapol Socatiyanurak said the body’s capital market supervisory board required application and information disclosure for offshore convertible debenture (CD) offerings be jointly prepared by the applicants and the SEC-approved financial advisers except when an the applicant is an SEC-approved FA. The revision aims to provide more accurate and comprehensive information disclosed in the notice calling a shareholders’ meeting, particularly information on the dilution effect. 
The issuing companies are required to prepare a notice calling a shareholders’ meeting with thorough information on the dilution effect caused by the CD issuance.