Ref: SEAFCO- 08 - 020
Date: 22 August 2008
Subject: Report of doubtful debt
Attention: President Stock of Exchange
Seafco Plc.(Seafco) had been reported by the Lawyer on 14 August 2008 that, the criminal cases that public prosecutor, as a plaintiff, sued In Style Estate Ekkamai Co; Ltd. and other two who signed the cheques total amount 44,190,608.19 baht, as the defendants, of three black number cases including case no. 5932/2550, 442/2551 and 1965/2551 at Dusit district court, and Seafco was a joint - plaintiff for all 3 cases. Which the judge attempted to settle a dispute between both parties, and could reach an agreement as following.
The defendants gave no further objection and made a statement that they pleaded guilty according to their testimony in the court's note, and they accepted that they really paid all cheques amount 44,190,608.19 baht to Seafco. The defendants also asked the judge permission to postpone the date of verdict announcement, and the defendants requested that the debt of 44,190,608.19 baht will be paid to Seafco of not less than one million baht per month, starting from 5th November 2008 and the 5th of next following month consecutively, and pay to full amount of 44,190,608.19 baht within one year (within 5th November 2009). Seafco had agreed. The case came to resolution. The judge considered that the cases could be compoundable, so he gave a chance the defendants to comply with agreement first. In case of the defendants could pay all debt, Seafco must drop their charge. In contrary, if the defendants failed to comply with the agreement, Seafco must submit and application to the court to conduct further trial of these cases.
(Above money amount 44,190,608.19 baht was the part of doubtful debt that Seafco made provision in the financial statement of year 2007)
For your information
Your sincerely,
(Narong Thasnanipan)
President
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