Mitihoon – Bangchak Reaffirms Share Freeze Applies to the Specific Shareholders Following Authorities’ Update on Money Laundering Case, Remaining Shares
and Business Operations Are Unrelated
Following the joint briefing by the Securities and Exchange Commission (SEC), the Economic Crime Suppression Division (ECD), and the Anti-Money Laundering Office (AMLO) on 27 October 2026, regarding proceedings against a transnational money laundering network, Bangchak Corporation Public Company Limited reaffirms that the freeze on certain shares in the company since 3 December 2025, is a government measure concerning the specific shareholders. The action applies to shares held by the network and is separate from the company’s assets, business operations, and management, which are unrelated to the case. The affected shares remain frozen under AMLO’s oversight. Nothing indicated that the company’s remaining shares are connected to the alleged wrongdoing.
The company has consistently taken measures to protect its interests and those of its shareholders, including establishing an ad hoc committee to assess the situation and consider necessary measures. The director representing the shareholder concerned has neither attended Board meetings nor performed any duties at the company’s offices since the shares were frozen. Although he remains a director, as he has not been disqualified under applicable law, he has had no authority to sign on behalf of or legally bind the company since 11 December 2025, as previously disclosed.
The company also proposed amendments to its Articles of Association concerning director qualifications at the 2026 Annual General Meeting of Shareholders on 10 April 2026. The proposal aimed to strengthen corporate governance, address harm, mitigate the risk of further damage, and maintain the confidence of financial institutions, business partners, and other business stakeholders. Although supported by more than two-thirds of the votes, the proposal did not meet the statutory three-fourths threshold and was therefore not approved. Litigation challenging the matter is currently before the court. The company continues to manage risks within the legal framework, corporate governance principles, and applicable regulatory requirements.
The company stands ready to cooperate with the relevant authorities and will comply with applicable laws and SEC requirements, while upholding good corporate governance, protecting the company’s interests and safeguarding its rights, as well as those of its investors, over the long term.
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