Maybank Kim Eng Securities Thailand (MBKEST) has won a civil case against Yuanta Securities Thailand, with the latter's chief executive found guilty of holding MBKEST's confidential information concerning broker compensation.
The Civil Court ruled that Yuanta Securities Thailand chief executive Boonporn Boriboonsongsil has to compensate for damages worth 578.14 million, with 7.5% annual interest since the date of the lawsuit.
The court dismissed a case against former MBKEST director and head of corporate communication Bhuripat Kheoboriboon.
Mrs Boonporn said she will appeal the court ruling and insists the verdict will not affect the clients and operations of Yuanta Securities Thailand.
The management team and staff of Yuanta Securities fully supports Mrs Boonporn's appeal, and Mr Bhuripat will be a witness for Mrs Boonporn's appeal, said Yuanta Securities executive in a statement.
Mr Bhuripat will also proceed with an ongoing criminal case of perjury and defamation against MBKEST and the firm's chief executive Montree Sornpaisarn.
Mrs Boonporn along with around 200 sales and marketing staff quit MBKEST and defected to Yuanta Securities in late 2016.
MBKEST previously issued a statement, saying the company filed a lawsuit at the Labour and Civil Courts against its former executives and employees for breaching its code of conduct and using confidential company information for their own benefit.
Mr Montree said the firm's next move will be advised by its legal team.
"We will consider how to proceed with the next step if [Mrs Boonporn] sends the case to the Appeals Court. We will also consider dropping or continuing a lawsuit against [Mr Bhuripat] because the Civil Court has dismissed the case," said Mr Montree.
"We are neither pleased nor dejected with the case, but we want to clarify the problem and protect shareholders' benefits because MBKEST is a public company and listed firm."
