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SEC files a criminal complaint against WORLD executive and associate with ECD for alleged fraud causing damage to the company



Tuesday 14 November 2023 | No. 211 / 2023


Bangkok, 14 November 2023 – The Securities and Exchange Commission (SEC) has filed a criminal complaint against Mr. Chirasak Chiyachantana, Director and Chief Executive Officer (CEO) of World Corporation Public Company Limited (WORLD), and Ms. Chirawin Hongsri with the Economic Crime Suppression Division of the Royal Thai Police (ECD) on account of fraud, obtaining unlawful gains from a buying and selling transaction of land and building, causing damage to the company.  

Based on a third-party report and the SEC’s further investigation, it has been found that in 2017 Mr. Chiyachantana (Chairman and Chief Executive Officer of WORLD at the time of the offense) dishonestly diverted company assets to himself or a third party and sought unlawful gains for himself or others, causing damage to WORLD at the total amount of 30 million baht. Ms. Hongsri rendered assistance or facilitation for Mr. Chiyachantana in committing the offense. The case was related to the selling and buying transaction of land and building where WORLD entered into a contract, paying 30 million baht as specified to the counterparty. According to the evidence, the counterparty had already repaid the 30 million baht to WORLD through Ms. Hongsri and Mr. Chiyachantana. However, there was no proof that Mr. Chiyachantana or Ms. Hongsri returned the amount to WORLD in any manner. Although Ms. Hongsri did return the sum with interest to WORLD in 2023, the aforesaid offense had completely been committed upon the dishonest misappropriation of the fund for personal gains.   

The actions committed by Mr. Chiyachantana and Ms. Hongsri were liable to be the offenses under Section 308, Section 311, Section 313 and Section 315 of the Securities and Exchange Act B.E. 2535 (1992), as the case may be. The SEC has therefore filed the criminal complaint against the two persons with the ECD for consideration of further legal action.    

The criminal complaint above has caused the two individuals to have untrustworthy characteristics as director and executive of securities issuing company and listed company. As a result, they are not allowed to hold the positions of director and executive of any company whose securities are listed on the Stock Exchange, as from the date of being imposed with the criminal complaint throughout the period of legal proceedings in accordance with the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives.

In any case, filing the criminal complaint is merely the commencement of the criminal procedure whereby the inquiry official will perform an investigation before recommending the case to the public attorney who has authority for prosecution. The power to adjudicate whether any person is guilty or not is, however, vested on the court of justice.    

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NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 211 / 2023 Tuesday 14 November 2023
SEC files a criminal complaint against WORLD executive and associate with ECD for alleged fraud causing damage to the company

Bangkok, 14 November 2023 – The Securities and Exchange Commission (SEC) has filed a criminal complaint against Mr. Chirasak Chiyachantana, Director and Chief Executive Officer (CEO) of World Corporation Public Company Limited (WORLD), and Ms. Chirawin Hongsri with the Economic Crime Suppression Division of the Royal Thai Police (ECD) on account of fraud, obtaining unlawful gains from a buying and selling transaction of land and building, causing damage to the company.  

Based on a third-party report and the SEC’s further investigation, it has been found that in 2017 Mr. Chiyachantana (Chairman and Chief Executive Officer of WORLD at the time of the offense) dishonestly diverted company assets to himself or a third party and sought unlawful gains for himself or others, causing damage to WORLD at the total amount of 30 million baht. Ms. Hongsri rendered assistance or facilitation for Mr. Chiyachantana in committing the offense. The case was related to the selling and buying transaction of land and building where WORLD entered into a contract, paying 30 million baht as specified to the counterparty. According to the evidence, the counterparty had already repaid the 30 million baht to WORLD through Ms. Hongsri and Mr. Chiyachantana. However, there was no proof that Mr. Chiyachantana or Ms. Hongsri returned the amount to WORLD in any manner. Although Ms. Hongsri did return the sum with interest to WORLD in 2023, the aforesaid offense had completely been committed upon the dishonest misappropriation of the fund for personal gains.   

The actions committed by Mr. Chiyachantana and Ms. Hongsri were liable to be the offenses under Section 308, Section 311, Section 313 and Section 315 of the Securities and Exchange Act B.E. 2535 (1992), as the case may be. The SEC has therefore filed the criminal complaint against the two persons with the ECD for consideration of further legal action.    

The criminal complaint above has caused the two individuals to have untrustworthy characteristics as director and executive of securities issuing company and listed company. As a result, they are not allowed to hold the positions of director and executive of any company whose securities are listed on the Stock Exchange, as from the date of being imposed with the criminal complaint throughout the period of legal proceedings in accordance with the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives.

In any case, filing the criminal complaint is merely the commencement of the criminal procedure whereby the inquiry official will perform an investigation before recommending the case to the public attorney who has authority for prosecution. The power to adjudicate whether any person is guilty or not is, however, vested on the court of justice.    

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