18 investors file complaint alleging firm cheated them out of Bt10 million

Around Thailand February 11, 2019 17:00

By The Nation

A group of investors on Monday filed a complaint with Saladaeng police station in Bangkok, alleging that a company had cheated them out of Bt10 million.



Group leader Suchinda Raktrakul, 43, said that she and 17 others had bought shares in JP Motor Work from Chakkraphan Prachuapmoh, 39, for about Bt100,000 to Bt7 million per investor back in 2014, but they had never received any dividends from the firm.

Pol Lt-Colonel Siripong Puansongkram, deputy commander of the precinct, said Chakkraphan already stood accused of causing damage worth more than Bt100 million in total.

His police station had earlier recommended that a group of shareholders in JP Motor Work file a complaint with the Economic Crime Suppression Division of the Royal Thai Police, he said.

However, that group of investors learned from the Securities Exchange Commission that it could not take legal action against the firm because they had neglected to check the company’s financial background through a shareholders’ meeting, and hence were not eligible for help from the securities regulator, the deputy commander explained.

Siripong said another group of shareholders had then decided to file a civil lawsuit against the company, and Taling Chan Court is scheduled to rule in the case this coming Friday.

The ruling would serve as a precedent for other groups of shareholders in similar cases, he added.