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Even with the provision for losses being set up in full, it is commercially necessary for the Company’s Board of Directors headed by the new Chairman and CEO, who is related to the perpetrator, to demand full restitution from that ex-CEO. In addition, the Board of Directors is required to protect and take control of all bank accounts of the Company’s subsidiary in Singapore and all the assets of securities previously provided against the “loans” to ensure realisation on their value at maximum for eventual restitution. All the bank accounts of the Company’s subsidiary in Singapore and the substantial securities are presently outside Thailand and under the control of the board of directors of the Company’s subsidiary in Singapore while that ex-CEO is still one of its authorised directors of the subsidiaries in Singapore and other countries.
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Even with the provision for losses being set up in full, it is commercially necessary for the Company’s Board of Directors headed by the new Chairman and CEO, who is related to the perpetrator, to demand full restitution from that ex-CEO. In addition, the Board of Directors is required to protect and take control of all bank accounts of the Company’s subsidiary in Singapore and all the assets of securities previously provided against the “loans” to ensure realisation on their value at maximum for eventual restitution. All the bank accounts of the Company’s subsidiary in Singapore and the substantial securities are presently outside Thailand and under the control of the board of directors of the Company’s subsidiary in Singapore while that ex-CEO is still one of its authorised directors of the subsidiaries in Singapore and other countries.