The SEC’s investigation revealed that from the year 2022 to 31 March 2023 (the submission deadline of 56-1 One Report for the year 2022), ALL was involved in two legal disputes: (1) Two cases in the Phra Khanong District Court regarding investment contracts under the Land Banking Investment Fund Agreement, with a total claim value of approximately 190 million baht, and (2) an arbitration dispute in the joint venture with AG Thonglor 16 Co., Ltd., where ALL was claimed under a joint venture agreement for failing to transfer ownership of land and buildings worth 885.75 million baht to the joint venture.

These disputes are material information related to ALL’s financial position and business operations, which could significantly affect the company’s business. Therefore, ALL was obligated to disclose details of these legal disputes in the 2022 56-1 One Report. However, on 31 March 2023, ALL submitted the 2022 56-1 One Report without disclosing these disputes, instead stating, “The company has no legal disputes that could cause damage to the group’s assets exceeding 5% of the shareholders’ equity and has no other legal disputes that could significantly affect the group’s business operations.”

At the time of the incident, Mr. Thanakorn Thanawarith, as CEO, and Mr. Dusadee Lekyim, as director, of ALL, co-signed to certify the accuracy of the 2022 56-1 One Report.

ALL’s actions described above constitute the submission of an incorrect 56-1 One Report for the year 2022 and the disclosure of false information or concealment of material facts that should have been disclosed, in violation of Section 56(3)(4) and Section 281/10 in conjunction with Section 56(3)(4) of the Securities and Exchange Act B.E. 2535 (1992) (SEA), and subject to the penalties under Section 274, Paragraph 1, and Section 281/10 of the SEA. The offenses committed by ALL stemmed from the orders or actions of Mr. Thanakorn Thanawarith, and Mr. Dusadee Lekyim. Therefore, both individuals are liable to the penalties under Section 300 in conjunction with Section 56(3)(4) and Section 281/10 in conjunction with Section 56(3)(4) of the SEA. Accordingly, the SEC has filed the criminal complaint against ALL, Mr. Thanakorn Thanawarith, and Mr. Dusadee Lekyim, with the ECD.  

Following the criminal complaint filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, a prosecution of the public prosecutor, and an adjudication of the court of justice, respectively. In this regard, the SEC will monitor progresses in the legal proceedings and will cooperate fully with relevant agencies to support legal enforcement under the SEA after the criminal complaint has been filed.