TPI Polene, Thailand’s third-largest cement maker, must pay a fine of THB6.9bn (US$208m) for breaching securities laws, according to a ruling by the nation’s Court of Appeals.
The court rejected a petition by TPI Polene founder Prachai Leophairatana for the case to be heard by the Constitutional Court. Prachai didn’t answer calls to his mobile phone today.
The criminal court fined TPI Polene in December 2007 for violating securities laws in relation to a share sale. Prachai, a TPI Polene director with a 1.5 percent stake in the company, was sentenced to three years’ jail, according to a Stock Exchange statement at the time.