Polaris to replace directors

The Securities and Exchange Commission (SEC) has asked shareholders of Polaris Capital Plc to exercise their rights at Sunday’s shareholders’ meeting.

The call was made after SEC received notification that Polaris shareholders had decided to call for a shareholders’ meeting with the intention to select new directors, in accordance with Article 100 of the Public Limited Company Act of 1992.

The securities watchdog has accused five Polaris directors, namely Yanakorn Warakunrak, Poonsak Chumchuay, Asa Ninnad, Thakorn Taweesri and Danuj Bunnag, of failing to act with due diligence as directors or executives, thus nullifying their positions on the board of a SET-listed company.

The Central Bankruptcy Court has also ordered Polaris’s assets to be held under receivership.

After reviewing the case, SEC found that nine individuals in two companies had colluded in wrongdoing in 2017. Polaris executives forged a debt of 3.6 billion baht through an unnamed third party in a bid to sue for high-value damages, according to the SEC.

The move was an attempt to deceive the public into believing that Polaris had shouldered substantial liabilities in a short period, subsequently resulting in assumptions that the company was on the verge of insolvency and needed to enter a business rehabilitation plan.

Ultimately, Polaris’s action was deemed an offence because its true creditors were not paid.