Two directors of embattled Inter Far East Energy Corporation Plc (IFEC) yesterday filed a report of the board of directors' meeting with the Securities and Exchange Commission (SEC), intending to prove they have followed the regulator's mandate to resume company operations.
Two IFEC directors, Pol Col Boonlert Jengnopparath and Chatnarong Chatrabhuti, along with 50 IFEC investors, came to meet with an SEC representative and handed in results of Wednesday's board of directors meeting, including details of how the meeting was impeded by one IFEC director, Suphanan Rittiphairoj.
Mr Chatnarong said IFEC directors were scheduled to have a meeting on May 23, with an agenda to set up a shareholders' meeting and fill vacant positions on the board of directors.
"Mr Suphanan asked employees to close the office doors and turn off the lights when we went to the IFEC office on Wednesday," Mr Chatnarong said. "We [eventually] moved to IFEC's subsidiary located in the same area to conduct a meeting, which we reported to the SEC yesterday.
"The SEC and IFEC's creditors wanted to see that the company's board of directors intends to solve the ongoing problem."
Anyone obstructing Wednesday's meeting is at fault and it is hoped the SEC will take action on this matter, he said.
The Public Limited Company Act requires a company to have at least five directors to hold a shareholders' meeting.
IFEC had a total of nine directors including former chairman and chief executive Wichai Thavornwattanayong.
However, four persons resigned after the company's failure to repay bills of exchange (B/E) and bank loans, while Mr Wichai was accused by the SEC for failure to disclose information about the company's B/E default.
Mr Wichai benefited from refraining to disclose information because his IFEC shares, worth 57.46 million baht, were used as collateral for the company's margin trading, and were not subject to forced sale.
Mr Wichai also used his status as an IFEC shareholder to exercise his voting rights during three shareholder meetings last year for his own benefit, which violates the SEC Act of 1992, according to the SEC.
The other two directors, Wiphu Maharakkhaka and Manusak Deawwanich, were rejected by the Commerce Ministry's Business Development Department because they were appointed by Mr Wichai.
Mr Chatnarong said the company plans to have a board of directors meeting again next week to set up a shareholders' meeting date, which could occur within 45 days given that next week's meeting is successful.
