Yuanta Se­cu­ri­ties chief or­dered to pay Bt578m in civil penalty

The Nation - - BUSINESS -

YUANTA SE­CU­RI­TIES (Thai­land) chief ex­ec­u­tive Boon­porn Bori­boon­songsil has been or­dered in a civil court case to pay Bt578 mil­lion in com­pen­sa­tion to May­bank Kim Eng Se­cu­ri­ties Thai­land (MBKEST) for hold­ing the lat­ter's con­fi­den­tial in­for­ma­tion.

On June 16 last year, MBKEST, through chief ex­ec­u­tive of­fi­cer Mon­tree Sorn­pais­arn, filed a case against Boon­porn and Yuanta's Bhuri­pat Kheo­bori­boon, a for­mer MBKEST di­rec­tor and head of its cor­po­rate com­mu­ni­ca­tions depart­ment, and other ex­ec­u­tives for hold­ing MBKEST’s con­fi­den­tial in­for­ma­tion – com­mis­sion fees for in­vest­ment con­sul­tants - for Yuanta Se­cu­ri­ties (Thai­land). The ac­tion also claimed that the ac­cused had un­fairly per­suaded 205 MBKEST em­ploy­ees to work for Yuanta Se­cu­ri­ties (Thai­land).

The court yes­ter­day ruled that Boon­porn must pay the Bt578.15 mil­lion in com­pen­sa­tion to MBKEST, plus 7.5 per cent in­ter­est on the prin­ci­pal start­ing from June 16, 2017.

Mon­tree said that he is ready to ne­go­ti­ate with Boon­porn, who was a for­mer CEO and top ex­ec­u­tive in se­cu­ri­ties busi­ness for re­tail clients of MBKEST.

He in­sisted on there be­ing no con­tact from Boon­porn for any ne­go­ti­a­tions since the court's rul­ing, in­di­cat­ing that MBKEST “is ready to ne­go­ti­ate on an ac­cu­rate and fair stan­dard”.

Mon­tree said that he had done his duty to pro­tect the share­hold­ers' ben­e­fits as MBKEST is listed on the stock ex­change and the court's de­ci­sion has bol­stered the work stan­dards and cor­po­rate gov­er­nance of com­pa­nies listed in cap­i­tal mar­kets and other busi­nesses.

“We re­spect the court's de­ci­sion. We are glad for this pro­tec­tion which helps to up­grade the op­er­at­ing stan­dards of each busi­ness and the listed com­pa­nies,” he said.

Boon­porn said that she would ap­peal against the court’s rul­ing, while ex­press­ing con­fi­dence that the le­gal process would not af­fect work man­age­ment and that she would con­tinue to per­form her du­ties at the high­est stan­dards.

In the same law­suit, Bhuri­pat was dis­missed from the charge. He said he would press ahead with pur­su­ing a crim­i­nal case that he filed against MBKEST and Mon­tree for al­leged fal­si­fi­ca­tion and defama­tion.

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