TPI Polene refiles appeal to overturn fine, Thailand

TPI Polene refiles appeal to overturn fine, Thailand
Published: 21 January 2010

TPI Polene PCL, Thailand’s third largest cement maker, said Thursday that it has refiled an appeal to overturn a fine of THB6.9bn (US$198m) stemming from a stock manipulation conviction.

The company said it has petitioned the Criminal Court to ask the Constitutional Court to issue a verdict on the case. Thai companies aren’t allowed to directly appeal to the Constitutional Court and have to ask a lower court to allow it to do so.

The company originally asked the Court of Appeal to request the Constitutional Court to rule on the case, but the Court of Appeal dismissed the request, saying that the motion wasn’t complete and that the company would have to file its appeal with the Criminal Court.

The Criminal Court in December 2007 found TPI Polene and its founder, Prachai Leophairatana, guilty of stock manipulation and slapped a fine of THB6.9 billion on the company.