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[TheYenta]

"The Securities and Exchange Commission will on September 15 discuss with the Criminal Court and official receivers the latter's efforts to foreclose assets of TPI Polene (TPIPL). . .

TPIPL stock has been suspended from trading on the bourse since Thursday following the Criminal Court's decision on August 5 to appoint an official receiver to handle the foreclosure.

Last December, the court handed down a guilty verdict, sentencing Prachai Leophairatana, the company's founder, to three years in jail and fining TPIPL Bt6.9 billion for shareprice manipulation. This forced Prachai to resign as leader of the Matchima Thipataya Party.

TPIPL has not yet paid the fines, saying that the AttorneyGeneral's Office special proseฌcutors resolved that the fines must be paid when the case is completed. TPIPL is in the process of appealing against the Criminal Court's ruling.

"We have appealed to the Appeal Court and the court is considering whether to uphold the Criminal Court's ruling," Prachai told Krungthep Turakij yesterday.

He believes the Criminal Court cannot foreclose the company's assets as TPIPL remains under the business rehabilitation process. "We're now protected by the Bankruptcy Act and we have filed a petition against the appointment of official receivers for the foreclosure." Prachai said the company would set aside provisions of Bt6.9 billion this quarter, which would plunge the company into a net loss this year."

http://www.nationmultimedia.com/2008/08/16...ss_30080705.php