Nauticawt’s non-exec chairman resigns amid fraud allegations

DR CHIRASAK Chiyachantana, the non-independent non-executive chairman of Catalist-listed Nauticawt, resigned on Thursday (Nov 23) in light of a criminal complaint filed against him by the Securities and Exchange Commission, Thailand.

Aside from the complaint, Nauticawt said there were no other material reasons for his resignation.

He is also in the process of stepping down from the boards of two of Nauticawt’s subsidiaries in Thailand – World Industrial Estate and Chokdee Dimsum.

Dr Chirasak’s resignation from Nauticawt comes after the company issued a Nov 20 statement deeming him “suitable to continue” as its non-independent non-executive chairman – a role which he has held since December 2019.

The Thai market regular filed its criminal complaint against Dr Chirasak on Nov 14 on account of fraud, obtaining unlawful gains from a transaction and causing damage to Thai real estate developer World Corporation.

Dr Chirasak also recently resigned as chairman of the executive committee and director of World Corporation as a result of the complaint.

At the time, Nauticawt said Dr Chirasak had not been formally investigated, arrested, charged or convicted in court. He “vehemently denied” the allegations, and has appointed legal counsel to defend him from the allegations.

As at Nov 23, Dr Chirasak holds 400 million ordinary shares in Nauticawt, or about a 50.4 per cent stake in the total issued share capital of the company.

The counter remained unchanged at S$0.009 at the close of trading on Thursday, after news of his resignation.