News Detail

Date/Time
28 Oct 2021 13:01:00
Headline
Report on the progress concerning the dispute with Krung Thai Bank Public Company Limited
Symbol
AQ
Source
AQ
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                (-Translation-)
SET. 029/2021    
28 October 2021
Subject:    Report on the progress concerning the dispute with Krung Thai Bank 
Public Company Limited
To:    President
The Stock Exchange of Thailand
Reference:    Letter No. SET. 023/2021 dated 14 September 2021 of AQ Estate Public 
Company Limited
Reference is made to the report on the progress concerning the dispute between 
AQ Estate Public Company Limited (the "Company") and Krung Thai Bank Public
Company Limited ("KTB") where the Company reported that on 25 September 2019,
the Company (as the plaintiff) filed a lawsuit against KTB et al. (as the
defendants) in a civil case no. Black case No, Phor.2354/2562 with the Civil
Court of Southern Bangkok requesting that KTB change its financial statements
for the first quarter of 2019 by recording the proceeds received from the
auction of the secured land in the amount of 3,898.70 million baht as damages in
connection with the proceedings with the Supreme Court's Criminal Division for
Persons Holding Political Positions. The Court then scheduled a hearing for the
litigation or examination of the plaintiff's witnesses on 18 November 2019. All
defendants then applied for an extension of time to file their answers until 24
February 2020, and on 24 February 2020, the 13 defendants applied for an
extension of time to file their answers for a further period of 30 days, which
the Court allowed. The Court then rescheduled the hearing for the settlement of
issues on 27 April 2020. However, due to the outbreak of the Coronavirus 2019
(COVID-19), the Court canceled such hearing and rescheduled the hearing for the
settlement of issues on 30 September 2020. On 30 September 2020, the 13
defendants' attorney asked the plaintiff's attorney to withdraw the lawsuit
against the 2nd to 13th defendants as they were directors of the 1st defendant
and were acting on behalf of the 1st defendant. The plaintiff's attorney agreed
to propose such matter to the plaintiff's management and the Court set a new
hearing date for the settlement of issues or determination of legal issues on 19
November 2020. Then, the defendants' attorney requested to postpone such
hearing to 22 February 2021 because the Office of the Council of State had
determined that KTB was a state enterprise and there was an issue whether the
prosecutor could defend the 13 defendants, to which the plaintiff did not object
as it was in discussions with the defendants to explore whether a compromise
could be reached. Thereafter, the Court postponed the hearing for the settlement
of issues on 14 June 2021, the details of which are as described in the above
referred letter. The Company would like to report on the progress concerning
such matter as detailed below.
The Company requested for a postponement of the hearing for the settlement of 
issues from 14 June 2021 to 13 September 2021 because of the change in the
executive director of the Company. However, given the ongoing outbreak of
COVID-19 situation, the Court issued an order on 13 September 2021 to postpone
such hearing to 27 October 2021.
The court scheduled the settlement of issues or hearing to the ruling on the law
on 27 October 2021. All 13 defendants filed a petition with the court for a
decision on the law. The court had examined the plaint and answer and therefore
decided that it still depends on the facts from the witness examination of
certain issues, enabling it to decide the law and it is appropriate to make a
decision at the same time as the judgment. The court then scheduled an
examination of the plaintiff's witnesses on 22-23 March 2022 and examination of
the defendant's witnesses on 24, 29-31 March 2022.

If there is any further development on such dispute, the Company will keep the 
shareholders and investors posted through the information disclosure system of
the Stock Exchange of Thailand.
Please be informed accordingly.
Yours sincerely,
(Mr. Voravut Laithuamthaweekul)  (Mr. Michael  A.W. Fernandez)
Director                                               Director
______________________________________________________________________
This announcement was prepared and disseminated by listed company or issuer 
through the electronic system which is provided for the purpose of dissemination
of the information and related documents of listed company or issuer to the
Stock Exchange of Thailand only.  The Stock Exchange of Thailand has   no
responsibility for the correctness and completeness of any statements, figures,
reports or opinions contained in this announcement, and has no liability for any
losses and damages in any cases.  In case you have any inquiries or
clarification regarding this announcement, please directly contact listed
company or issuer who made this announcement.