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Date/Time
10 Jun 2020 17:03:00
Headline
Progress report on the execution of Supreme Court of Criminal Division for Politicians and others.(Added)
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AQ
Source
AQ
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                -Translation-
SET. 020/2020    
                                
                9 June 2020

Subject: Progress report on enforcement of the Supreme Court's Criminal Division
 Politicians and others(Added)
To:    Directors and the Manager
                The Stock Exchange of Thailand
Refer to: Letter No. SET. 013/2020 dated 24 April 2020

Lawsuit regarding the sale at public auction collateral
The company would like to notify according to the letter No. TorLor. 013/2020 
dated 24 April 2020 which AQ Estate Public Company Limited reported the price of
sale at public auction collateral was 8,914.07 million baht on 17 October 2018.
  Such securities sold at auction is divided into 3 groups as follows.
1.     Group 1: The criminal case of persons holding political positions with 
decided case No. OrMor. 55/2015 by seizure properties and sale of land auction
of Golden Technology Industrial Park Co., Ltd. was 1,768 rai. The property buyer
from auction was worth 4,019.62 million baht. The buyer had placed a deposit of
201 million baht on 24 January 2019 and the buyer paid in the amount of 3818.62
 million baht.
1.1 On September 25 2019,  the AQ Estate Public Company Limited (Plaintiff) 
filed a lawsuit to  Krung Thai Bank Public Company Limited (Bank) as the 1st
with a group of 13 persons (defendants) which was a civil case requesting the
bank to revise the first quarter of financial statements in 2019 by bringing the
amount of 3,898.71 million baht (The deposit of 201 million baht and money from
sale of land auction  in the amount of 3,818.62 million baht and auction fees
deductible to 120.91 baht) recorded as payment for damages in the case of the
Supreme Court's Criminal Division for Persons Holding Political Positions with
decided case No. 3/2012, decided case No. OrMor. 55/2015.  If the defendant did
not revise the first quarter of financial statements in 2019, the defendant will
have to pay damages in the amount of 3,818.65 million baht. Made an appointment
for settlement of issues shall be on 27 April 2020.  With reference to the
Coronavirus disease 2019 (COVID-19) outbreak situation in Thailand.  Court to
postpone on 30 September 2020.
1.2 On 26 September 2019 to 10 January 2020, the Supreme Court's Criminal 
Division for Persons Holding Political Positions had enforced by issuing a writ
of execution to the Legal Execution Office of Civil Case for notifying to seize
the right of claim 9 deposit of company accounts in four banks, totaling 69.40
million baht and some banks had seized the money in such accounts of 2.14
million baht to the Legal Execution Department on 15 October 2019 (As at 31
December 2019, the company had deposits of 4.25 million baht. The bank had
confiscated in the amount of 2.14 million baht, the remaining 2.11 million baht
pledged as collateral).
2.         Group 2: For the civil lawsuit of decided case No. 4007/2552 and undecided 
branch case No. Tho. 59/2018, Krisdamahanakorn Public Company Limited was the
plaintiff to file a lawsuit against Golden Technology Industrial Park Company
Limited (Golden) which was the defendant as regards the deposit of land. Land in
this case for sale by auction was 659-3-60 rai. The ownership of the land
belongs to Golden Company, the auction buyer bought at the price of 1,261.02
million baht and placed deposit 65 million baht, the remaining balance must be
paid 1,196.02 million baht. The land and its area of this case was seized and
sale of land auction in the amount of 659-3-60 rai. The ownership of land
belongs to Golden Company, the auction buyer bought at the price of 1,261.02
million baht and placed deposit 65 million baht, the remaining balance must be
paid 1,196.02 million baht and filed a petition for revocation of sale by
auction, claiming that the auction was unlawful. On 20 March 2019, the court
ruled that the petitioner was only a shareholder of Golden Company and the
petitioner did not have as stakeholders in the compulsory execution. In
addition, the filing a petition to revoke of sale auction in this case involved
or affecting the petitioner which was a judgment debtor the Central Bankruptcy
case. The petitioner claims that could not make debt payments to creditors in
full amount and received damage, therefore, considered as a litigation against
the debtor's property. Upon the petitioner was adjudged bankrupt, the power to
set up defend against the property of petitioner was only the authority of
official receiver and the petitioner had no authority to file a petition in this
 case. The results of trial court dismissed the petition.
    On 17 June 2019, K & V SRS Company Limited (Petitioner) filed an appeal against
the order of the Civil Court. Currently, the Golden Technology Industrial Park
Co., Ltd., (the 1 st defendant) has filed an appeal to the Court on 5 August
2019.   The Court of Appeals considers the Court of First Instance on 12 March
2020.
3. Group 3: The Central Bankruptcy Court for the decided case No. Lor. 
1249/2012, the property and sale of auction was 1,868-3-97.72 rai. The ownership
of land was to K&V SRS Company Limited. The auction buyer bought at a price of
3,633.43 million baht, placed deposit of 182.50 million baht and the remaining
must be paid in the amount of 3,450.93 million baht within 1 February 2019. K&V
Company filed an objection, causing the buyer to file an objection with the
court for opposing the petition of K&V Company which was between the three
objections, divided as follows:
3.1    Undecided case No. SorLor. 365/2018 regarding the Receiver had ordered to 
the deed No. 610 with an area of 18 rai 83 square wah from sale by auction which
was part of Miss Charoen Yookongtham in the ratio of 800.66 and conducting sale
by auction. In this lawsuit, the petitioner had applied to revoke sale of
auction that sale of auction was an unlawful. Made an appointment for court's
decree on 5 March 2019. The results of trial court dismissed the petition.
3.2    The Central Bankruptcy Court case about undecided case No. SorLor. 338/2018,
the petitioner filed a complaint by bringing the  property of petitioner to be
sold combine with the land of the Golden Company unlawful and the person who
wished to bid must be placed collaterals for bidding the prices in all 3
lawsuits and bidding together 3 lawsuits, therefore, requesting to temporarily
suspend the sale of auction. The court dismissed a petition and K&V SRS Garden
Home Company Limited (Petitioner) filed an appeal on 20 March 2019.
Subsequently, the Central Bankruptcy Court ordered a hearing the order of the
Court of Appeal for Specialized Cases on 3 September 2019 and not accepting the
appeal. The case was final.
3.3    Undecided case No. SorLor. 438/2018, regarding the revocation sale of land 
auction of the 2 nd debtor (K&V SRS Garden Home Co., Ltd.) In this lawsuit, the
objection filed a petition for revocation sale by auction which was an unlawful
and requests to temporarily suspend enforcement. The court had already examined
the witnesses and scheduled to hear the verdict on 14 May 2019.  The Central
Bankruptcy Court issued an order lifting the petition of the petitioner.
    Currently, the buyer of collateral land has filed a court case to pay the 
remaining upon the case completion of the amount which required to settle
outstanding 4,646.95 million baht.
Lawsuit against the property management agreement
1    Case of the civil court case for undecided case No. Phor. 240/2018 between 
Progress Property Co., Ltd., was the plaintiff to file against AQ Public Company
Limited as the 1st with a group of 13 persons and requested to terminate the
property management agreement by claiming that all three defendants were breach
of contract. In this regard, the three defendants had fought with such
conditions clearly the responsibilities of each party. AQ company had been
carrying out their duties and Court of First Instance dismissed the plaintiff on
 17 June 2019. The case is being considered by the Court of Appeal.
2    The case of AQ Estate Public Company Limited has sued Golden Technology 
Industrial Park Company Limited and Progress Property Company Limited
(Co-defendant) is a civil case in order to collect the money which AQ company
has paid for the reserve under property management agreement in the amount of 75
million baht. The court has scheduled to strike prosecution witnesses on 26-27
May 2020 and examining defendants on 28 May 2020 and examining interpleader on
29 May 2020 and to hear the verdict on 29 July 2020.
Other cases
1    The civil court case was undecided No. Mor.Yo 49/2019 between Vitoonthanakorn 
Company Limited, the plaintiff and Mr. Jesada Yindee as the 1st and Mrs.
Pichitra Yindee in case of breach of loan agreement (according to property
management agreements and share the benefits). Both parties agreed to enter into
a compromise agreement and the court gave the following consent judgment as
follows:
1.1    Both defendants admitted that the plaintiff owed amount 32,863,561.64 baht.
1.2    Both defendants agreed to transfer the land title deed and a certificate of 
utilization (Nor Sor Kor) in total of 6 plots with buildings for the plaintiff.
The two defendants accept that the land was not attached to any obligations or
did not involve any offense follows.
- Utilization Certificate (Nor Sor 3 Kor), No. 2788, Land No. 196, Lat Bua Khao 
Subdistrict, Si khiu District, Nakhon Ratchasima Province, area of 51 rai 3 ngan
 60 square wah.
- Utilization Certificate (Nor Sor 3 Kor), No. 2789, Land No. 197, Lat Bua Khao 
Subdistrict, Si khiu District, Nakhon Ratchasima Province, area of 25 rai 3 ngan
 80 square wah.
- Utilization Certificate (Nor Sor 3 Kor), No. 2254, Land No. 169, Lat Bua Khao 
Subdistrict, Si khiu District, Nakhon Ratchasima Province, area of 10 rai 1 ngan
 40 square wah.
- Utilization Certificate (Nor Sor 3 Kor), No. 2192, Land No. 186, Lat Bua Khao 
Subdistrict, Si khiu District, Nakhon Ratchasima Province, area of 12 rai 2 ngan
 80 square wah.
- Utilization Certificate (Nor Sor 3 Kor), No. 3621, Land No. 236, Lat Bua Khao 
Subdistrict, Si khiu District, Nakhon Ratchasima Province, area of 8 rai 32
square wah.
- Utilization Certificate (Nor Sor 3 Kor), No. 3622, Land No. 237, Lat Bua Khao 
Subdistrict, Si khiu District, Nakhon Ratchasima Province, area of 5 rai 2 ngan
48 square wah.
This will transfer to be completed within 30 days from the date of 17 October 
2019.
1.3    According to the indictment in this case, both defendants registered to 
mortgage the land as collateral for loans by registering the mortgage deed No.
17056,17078 Lat Bua Khao Subdistrict, Si khiu District, Nakhon Ratchasima
Province and Utilization Certificate (Nor Sor 3 Kor), No. 2185, Lat Bua Khao
Subdistrict, Si khiu District, Nakhon Ratchasima Province, and title Deed No.
169326, Bang Kaew Subdistrict, Bang Phli District (Phra Khanong), Samut Prakan
Province, with the plaintiff.  Currently, the delivery deadline has elapsed. The
 company allows the receivership officials and land employees to seize.
2    According to the resolution of the Board of Directors' Meeting No. 9/2014 on 
26 September 2014, the Board of Directors had approved the investment in Villa
Nakarin Company Limited and the share purchase agreement had specified the
calculating returns by actual costs and expenses at the end of project not over
30 months from the date of agreement which was due date on 31 March 2017. The
Company's management estimated the debt payment to shareholders in the amount
46.17 million baht on due date. The company reported the operating results to
the existing shareholders of Villa Nakarin Company Limited that Villa Nakarin
Company Limited had the operating loss results and not in accordance with the
plan. The company will cancel about returns, but the shareholders requested that
the completed project would have to be agreed again (AQ ARBOR Suanluang Rama
9-Pattanakarn Project. Currently, development projects are progressing 83.92 %
and the project is under construction, with its total of 49 plots of land into
24 plots).
3    For undecided No. 21/2008and decided No.4007/2019 dated 25 April 2019, 
Krisadamahanakorn Plc. (Name while suing) was the plaintiff suing Golden
Technology Industrial Park Company Limited as a defendant for breach of
agreement to refund of 654 million baht with interest as of 31 July 2009. Court
of First Instance sentenced Golden to return the principal amount of Baht 654
million plus interest from the date of filing. AQ Plc. had a letter requesting
the Samut Prakan executing officer to seize 24 land title deed, according to the
judgment of such land sold at auction. After the debt payment to Krung Thai
Bank is complete, the remaining balance will be averaged to pay the deposit.
Civil case between Golden Company Limited and Krung Thai Bank
1.    The civil case at civil court between Krung Thai Bank Public Company Limited 
is the plaintiff with the Golden Technology Industrial Park Company Limited as
the 1st with a group of 4 persons of undecided case No. Thor. 68/2006 and
decided case No. Thor. 2687/2007. The court of Appeals upheld judgment of the
Court of First Instance to settle the Golden 8,409.60 million baht including
with interest of the principal amount of 8,368.73 million baht from the date of
31 May 2004 onwards until complete repayment date on 25 December 2018. The 1st
defendant (Golden Company) had filed a petition then. The case is currently
being considered by the Supreme Court.  At 5 May 2020 The Supreme Court
considered standing by the Court of First Instance.  The case is final.
For this civil case, it has no effect on AQ. Because the Golden Technology 
Industrial Park Co.,Ltd. is neither subsidiary nor associated company of AQ.
            Please be aware and please spread further.

Yours Sincerely,

(Mr. Suthad Chankingthong)       (Ms. Ranchana Rajatanavin)
          Director                                                  Director
______________________________________________________________________
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