English Court Case Involving Nopporn Suppipat and Nop Narongdej Reaches Decision
After months of legal proceedings, the English Civil Court has reached a decision in the case filed by Mr. Nopporn Suppipat and his three companies. The plaintiffs sought damages amounting to 1,500 million US dollars (equivalent to approximately 57 billion baht) from Mr. Nop Narongdej, Siam Commercial Bank (SCB), 17 SCB executives, and executives from WEH.
Witness Testimony Conducted Over 17 Weeks
The court dedicated a total of 17 weeks to hear witness testimonies, with proceedings lasting from mid-October 2022 to early March. The case involved allegations of deliberate undervaluation of share prices and manipulation of important documents between 2014 and 2018.
The plaintiffs, represented by Mr. Nopporn’s lawyer, accused Mr. Nop Narongdej and Siam Commercial Bank of intentionally lowering share prices and distorting crucial documents. However, according to court documents, Mr. Nop and the accused parties have denied these allegations. Despite attempts to obtain a response from Mr. Nop and Siam Commercial Bank, neither party has provided a statement.
Involvement of Mr. Weerawong Jitmittrapap
The thirteenth defendant in the case, Mr. Weerawong Jitmittrapap, holds director positions in various listed and non-listed companies. These include SCB X Public Company Limited, Asset World Corp Public Company Limited, Bangkok Dusit Medical Services Public Services Limited, Berli Jucker Public Company Limited, Big C Supercenter Public Company Limited, and Yaksa Co., Ltd.
However, Mr. Weerawong’s involvement in this legal case has resulted in his decision to submit his resignation as a director. The recent publication of the judgment may impact his image as a director of large companies, and he is currently in the process of resigning from his positions.
Official Confirmation and Disclosure Awaited
While the official outcome of the case is yet to be confirmed, all parties involved must adhere to the conditions regarding the disclosure of the award. Additionally, the listed companies affected by this case must inform the Stock Exchange of Thailand (SET) to confirm Mr. Weerawong’s resignation.
About Mr. Weerawong:
Mr. Weerawong, a renowned lawyer in Thailand, founded Weerawong Chinnawat and Partners Co., Ltd (WCP) and previously served as its chairman. Known for his expertise in banking and finance, capital markets, corporate governance, mergers and acquisitions, restructuring, and bankruptcy, he is highly respected in the legal field. Mr. Weerawong is also a member of the New York State Bar Association.
After the English Civil Court decided the case around July 25, 2023, the case was decided by Mr. Nopporn Suppipat and his 3 companies as plaintiffs suing for damages of 1,500 million US dollars (or about 57 billion baht) from Mr. Nop Narongdej, Siam Commercial Bank (SCB), 17 SCB executives and WEH executives and directors, namely Mr. Nop Narongdej, Mrs Emma Louis Collins, Mr Than Reansuwan, Mr. Aman Lakani, Mrs Khadija Bilal Siddiqui, Column Investments Co. , Ltd., Keleston Holdings Co, Ltd , ALKBS Company, Golden Music Company Limited, Siam Commercial Bank Public Company Limited), Mr. Arthit Nanthawithaya, Cornwallis Company, Mr. Weerawong Jitmittrapap, Dr. Mr Pradej Kitti-Itsaranon and Mr Nuttawut Phowborom The court arranged a total of 17 weeks to take witnesses, starting in mid-October 2022 and ending in early March.
As for the allegations, according to the lawsuit filed by Mr. Nopporn’s lawyer, it was said that Mr. Nop Narongdej and Siam Commercial Bank deliberately underestimated the share price. And there was a distortion of important documents between 2014 and 2018, which, according to court documents, indicated that the side of Mr Nop and other accusers in The allegations have already been denied. Although the lawyer, Mr Nop and Siam Commercial Bank did not respond to email enquiries.
As for Mr. Weerawong Jitmittraphap, the 13th defendant, was found to be currently serving as a director of many companies. that both are listed companies on the stock exchange and outside the stock market as SCB X Public Company Limited or SCB as a director, Asset World Corp Public Company Limited or AWC as a director, Bangkok Dusit Medical Services Public Services Limited or a directorship independent BDMS and the Audit Committee, Berli Jucker Public Company Limited or BJC, Director
In addition, he also holds positions in non-listed companies such as Big C Supercenter Public Company Limited or BIG C as Vice Chairman and Yaksa Co., Ltd. as Director.
Most recently, Mr. Weerawong is currently in the process of submitting his resignation from being a director of many companies. The main issue came from the fact that Mr. Weerawong is involved in a legal case in England as a defendant. The judgment has now been published and it could affect the image of Mr. Weerawong as a director of a large company. and lawyers who also came to the post
The official outcome of the case has not yet been confirmed. Because all parties must comply with the conditions relating to the disclosure of the award. It must also wait for information to be disclosed by various listed companies. That must inform the Stock Exchange of Thailand (SET) in order to be able to confirm the resignation of Mr. Weerawong.
Although the history of Mr Weerawong is a lawyer who founded Weerawong Chinnawat and Partners Co, Ltd or WCP and used to serve as chairman of the board. Mr Weerawong is widely regarded as one of the most experienced lawyers in Thailand in the areas of banking and finance, capital markets, corporate governance and corporate governance. mergers and acquisitions Restructuring and Bankruptcy and public-private partnerships for the development of major infrastructure projects in Thailand. and is a member of the New York State Bar Association or a Member of the New York State Bar Association.
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