CATALIST-LISTED NauticAWT&rsquo s non-independent non-executive chairman &ndash who has been accused of fraud by the Thai market regulator &ndash will be kept in his current role.

 

NauticAWT&rsquo s board had agreed with its nominating committee&rsquo s recommendation, which had deemed the chairman, Dr Chirasak Chiyachantana, &ldquo suitable to continue&rdquo in his role, pending the outcome of any investigations, the company said on Monday (Nov 20).

 

This comes after the Securities and Exchange Commission, Thailand on Nov 14 filed a criminal complaint against Dr Chirasak on account of fraud, obtaining unlawful gains from a transaction, and causing damage to Thai real estate developer World Corporation.

 

As a result of the complaint, Dr Chirasak has resigned as chairman of the executive committee and director of World Corporation.

 

Filing a criminal complaint is the commencement of the criminal procedure, said NauticAWT.

 

The company noted that while waiting for further developments, Dr Chirasak had not been formally investigated, arrested, charged or convicted in court.

 

He also &ldquo vehemently denied&rdquo the allegations, and has appointed legal counsel to defend him from the allegations.

 

Meanwhile, NauticAWT said that the complaint is unrelated to the company and hence will not affect its business and operations.

 

The company added that it will continue to monitor further developments from the complaint and re-assess its position where appropriate in the event there is any material development.

 

Shares of NauticAWT closed flat at S$0.009 on Nov 15, before the company called for a trading halt. On Monday, it requested the lifting of the halt.