SLC sues Nation executives, asks for B1bn in damages

MAI-listed Solution Corner (1998) Plc (SLC) yesterday filed a criminal lawsuit against Nation Multimedia Group Plc (NMG) executives for defamation, seeking 1 billion baht in compensation for damage to reputation.

The NMG executives are Adisak Limprungpatanakij, president of Nation Broadcasting Corporation (NBC), and Thana Tumnanont, an executive of pay-TV operator CTH.

The threat to sue came after SET-listed NMG allegedly used its media outlets to claim SLC had a hidden agenda in its recent purchase of a 12.27% stake in NMG.

SLC lawyer Suwat Apaipak said Mr Thana had accused SLC in connection with ousted prime minister Thaksin Shinawatra.

He said the accusation was false, as the capital increase was made via a SET transaction valued at 2.19 billion baht.

SLC owns 99.99% of the Spring News channel but has never interfered with the editorial department, Mr Suwat said.

Arak Ratboriharn, SLC’s chief executive, said the actions had damaged his company’s stock value on the order of 600 million baht.

SLC next week plans to press civil charges for an additional 1 billion baht in damages.

“The transaction [the purchase of the NMG stake] was lawful, relying on stock exchange restrictions,” Mr Arak said.

He said SLC had no intention of media domination, as it held only a 12.27% stake in NMG.

Mr Arak insisted SLC would not appoint anyone to the NMG board even though it had a right to do so.

“We’re still holding the stake in NMG as part of a long-term investment,” he said.

The Criminal Court has set March 30 as the date it will consider the case.

Mr Adisak has written that a share-manipulation gang exists.

The gang involves several private placement shareholders such as Chai Bunnag and Siriwat Towachirakul, he said.

SLC shares closed yesterday on the MAI at eight satang, down one satang, in trade worth 60.1 million baht.

NMG closed on the SET at 1.81 baht, down four satang, in trade worth 12.6 million baht.