Bangkok--29 Aug--SCB
Recently the Revenue Department issued an order to The Siam Commercial Bank PCL dated 22 August 2008, instructing the Bank to deliver the attached assets of Mr. Panthongtae Shinawatra and Ms. Pinthongta Shinawatra to the Revenue Department in settlement of their tax obligations which seems to be repetitive to the order of the Assets Scrutiny Committee (ASC). This order conflicts is highly crucial to the Bank as the Bank’s performance may be deemed as committing a criminal offence. The Bank has therefore filed a motion or petition with The Administrative Court, and also has sent a letter to the National Counter Corruption Commission and the Office of the Attorney General requesting for clarification of the proper procedural practices. At present, the Bank is awaiting the Administrative Court's decision and a response from the concerned authorities.
The Bank’s Board of Directors considered this issue at its meeting no. 9/2008 held on the 28th day of August 2008, and reached or passed the following resolutions:
1. THAT all of the Bank’s proceedings previously rendered in respect the aforementioned matter be acknowledged;
2. THAT the Bank has to wait for The Administrative Court’s judgment.
3. THAT the deposit accounts of Mr. Panthongtae Shinawatra and Ms. Pinthongta Shinawatra still be kept and maintained with the Bank during the period of waiting for The Administrative Court’s judgment.
4. THAT the Chairman of the Executive Committee or the President be authorized or empower to proceed with any necessary acts and things in connection with the aforesaid matter and any things proceeded by such person must be reported to the Board of Directors.
Please be advised that The Siam Commercial Bank is a leading financial institution of the country to which the principle of corporate good governance is always adhered and complied with. The Bank also has a strong financial status without any liquidity problem whatsoever. It is expected by the Bank that such conflict of orders of competent authorities is to be settled when there is a clear judgment from The Administrative Court.
Corporate Communications Division
Siam Commercial Bank PCL
Tel. 02-544-4502
e-Mail: [email protected]