Chandratat faces alleged infractions of the Securities and Exchange Act of 1992 of Thailand on TTA purchasing an acquisition interest in Unique Mining Services (UMS) at a high price and the non-exercise by TTA of warrants in UMS causing financial strain to TTA.
“To date, the case is still under review by the Attorney General's Office in Thailand to determine if there are grounds for charges to be made. Chandratat has denied any wrongdoing and has maintained that the facts do not support any of the allegations made against him. He has submitted a letter and supporting information and documents to the AGO requesting fair treatment on the matter,” Mermaid Maritime Public Company said in a statement.
Offshore services company Mermaid Maritime is a subsidiary of Bangkok-listed TTA.
Singapore-listed Mermaid Maritime highlighted that the accusations under review are not related to the company.
Chandratat has not been disqualified from acting as a director of TTA, and he continues to serve as director pending such accusations and prosecution proceedings, if any, Mermaid Maritime added.
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