Yuanta Securities chief ordered pay to Bt578m in civil penalty 

Corporate August 31, 2018 01:00

By   THE NATION

4,261 Viewed

YUANTA SECURITIES (Thailand) chief executive Boonporn Boriboonsongsil has been ordered in a civil court case to pay Bt578 million in compensation to Maybank Kim Eng Securities Thailand (MBKEST) for holding the latter's confidential information.



On June 16 last year, MBKEST, through chief executive officer Montree Sornpaisarn, filed a case against Boonporn and Yuanta's Bhuripat Kheoboriboon, a former MBKEST director and head of its corporate communications department, and other executives for holding MBKEST’s confidential information – commission fees for investment consultants - for Yuanta Securities (Thailand). The action also claimed that the accused had unfairly persuaded 205 MBKEST employees to work for Yuanta Securities (Thailand).

The court yesterday ruled that Boonporn must pay the Bt578.15 million in compensation to MBKEST, plus 7.5 per cent interest on the principal starting from June 16, 2017.

Montree said that he is ready to negotiate with Boonporn, who was a former CEO and top executive in securities business for retail clients of MBKEST.

He insisted on there being no contact from Boonporn for any negotiations since the court's ruling, indicating that MBKEST “is ready to negotiate on an accurate and fair standard”.

Montree said that he had done his duty to protect the shareholders' benefits as MBKEST is listed on the stock exchange and the court's decision has bolstered the work standards and corporate governance of companies listed in capital markets and other businesses.

“We respect the court's decision. We are glad for this protection which helps to upgrade the operating standards of each business and the listed companies,” he said.

Boonporn said that she would appeal against the court’s ruling, while expressing confidence that the legal process would not affect work management and that she would continue to perform her duties at the highest standards.

In the same lawsuit, Bhuripat was dismissed from the charge. He said he would press ahead with pursuing a criminal case that he filed against MBKEST and Montree for alleged falsification and defamation.

 

Most view