SEC Orders Special Audit of Tongkah Harbour Plc (THL)

The SEC has ordered Tongkah Harbour Plc. (THL) to arrange a special audit with regard to the company's internal controls, appropriateness of related party transactions and asset management. The audit is in response to the SEC's concerns regarding: (1) the placement of THL assets as collateral for stay of legal execution against a related company, (2) a high-interest rate loan agreement made with a related company, (3) other transactions with related companies, (4) THL's asset management practices, and (5) THL's internal controls.

THL must submit the report of the special audit to the SEC by December 9, 2011 and disseminate it to the public via the Stock Exchange of Thailand.