There have been several news reports, based on an unofficial and anonymous paper, regarding an ongoing investigation by the Department of Special Investigation on executives of Thailand’s PTT Pcl. (SET: PTT) and PTT Oil and Retail Business Pcl. (SET: OR) for their wrongdoings of price manipulation in purchasing orders with Global Green Chemicals Pcl. (SET: GGC), which later has been confirmed by the Thai investigation body that the file was not an authentic release from the bureau.
This “leaked” paper contains information from a reply mail from the Department of Special Investigation to the Thai Criminal Court, stating that the attached document contains a brief summary of the investigation, but not final due to the case has yet to be completed.
Deputy spokesman Pol Maj Woranan Srilam has confirmed with “Kaohoon” that the “leaked” document was not an official release from DSI and that the conduct with the listed company is very delicate and requires careful consideration before releasing to the public.
Sources within the energy sector have revealed to “Kaohoon” that a group involved in filing complaints and lawsuits against PTT executives is allegedly linked to a fraudulent scheme of selling non-existent palm oil from Indonesia to GGC, resulting in damages exceeding two billion baht. Some cases are still under investigation by the relevant authorities but appear to be proceeding slowly. In contrast, courts have already ruled that former GGC executives and traders were “collaboratively guilty” in certain instances.
The source who asked to remain anonymous further shared that this group used to wield influence over the sale of B100 oil to PTTOR at inflated prices. However, with the recent management changes at PTT aiming for restructuring, including purchasing B100 at lower rates, discontent arose among the group, leading them to retaliate by suing PTT’s executives. They instructed their legal team to buy just 100 shares of PTT, to gain the rights of shareholders to press charges, and hired media to publicize the lawsuits.
This movement is seen as a tactic used by these scammers to negotiate with PTT before their case is final.
In addition to the misinformation spreading in the media outlet, PTT has disclosed a clarification of the news through the Stock Exchange of Thailand as follows:
Statement from PTT
In response to the dissemination of news via social media alleging that the Department of Special Investigation (“DSI”) has “concluded its investigation” and “believes” that the Chief Executive Officer of PTT Public Company Limited (“PTT”) and the Chief Executive Officer of PTT Oil and Retail Business Public Company Limited (“OR”) (collectively referred to as the “Executives”) may be implicated in violations of the Securities and Exchange Act, and further circulating a link from foreign sources for downloading a document purportedly issued by the DSI, PTT hereby provide the following clarifications:
The aforementioned news originates from the actions of representatives of certain individuals with malicious intent. These individuals acquired merely 100 shares in an affiliate of the PTT group solely to establish standing to file lawsuits against Executives. These lawsuits were based on unfounded allegations and appear to have been intended to harm the reputation of PTT, the PTT group’s affiliates, and Executives.
The content of the aforementioned news is misleading and deviates from the truth. The document purportedly issued by the DSI is merely a piece of evidence submitted by the aforementioned individuals as part of the preliminary examination. At present, the court has not accepted the filing of such a lawsuit, and the DSI has not concluded its investigation or reached the findings alleged in the news.
PTT believes that this news is an ongoing effort by individuals with malicious intent to distort facts and to make groundless accusations and attacks against the Executives. These individuals previously filed the allegations, which are now being reported, with PTT for review in 2023. Subsequently, the Audit Committee of PTT and the Audit Committees of 3 other listed affiliates of PTT, namely PTT Global Chemical Public Company Limited, PTT Oil and Retail Business Public Company Limited, and Global Green Chemicals Public Company Limited, conducted a thorough investigation. The investigation concluded that the allegations were groundless. The transaction in question was part of normal business operations and was carried out for the mutual benefit of both OR and Global Green Chemicals Public Company Limited.
The actions of the individuals with malicious intent, including the dissemination of information via social media, are evidently aimed at undermining the reputation of PTT, its affiliates, and its executives. These actions are executed through opaque and deceitful strategies, such as initially disseminating or sharing documents via “avatar accounts” on social media, which are often fake or untraceable accounts. Additionally, the use of foreign links for downloading the purported DSI document demonstrates an apparent attempt to evade inspection and legal accountability.
PTT is currently under legal proceedings to protect the reputation of the PTT group. We urge investors to exercise discretion in considering the information they receive and to refrain from sharing distorted or misleading information, which may lead to misunderstandings, harm the reputation of the PTT group, and affect the stock price. Such a situation could provide an opportunity for certain groups to seek improper gains, while the majority of shareholders may bear the negative consequences. Therefore, investors should verify and consider information from credible sources before making any investment decisions.
In conclusion, PTT reaffirms its commitment to conducting business transparently and with good corporate governance. We will take all necessary measures to safeguard the interests of our shareholders.
