TV tangle: MFP leader’s shareholding scandal sparks iTV’s clarification clash

In the midst of a Thai shareholding scandal involving Move Forward Party (MFP) leader Pita Limjaroenrat, iTV has released a statement to clarify inconsistencies between the official minutes from its annual shareholders’ meeting and a video taken on April 26. The central issue revolves around whether iTV is still operating in the media business, which could have implications for Pita’s political eligibility.

The statement from iTV asserts that the phrase “the company is still conducting business activities as stipulated in the registration” does not imply ongoing engagement in the media industry. Instead, it aims to communicate that the firm is functioning within the guidelines set out in the company registration, and is not a defunct organisation. The company further explains that the meeting minutes are not a direct transcription, but rather a summary of questions and responses regarding the company’s operations. As a result, iTV has stated that its 2022 revenue stems from investments and interests.

Regarding the financial report for the first quarter of this year, which iTV published on its website, the company revealed that it is merely an internal, non-binding draft. iTV emphasised that shareholder meetings, financial document submissions, and the company’s operational proceedings are part of standard business practices and comply with the law.

This clarification follows an investigation into the shareholder meeting minutes launched by Executive Director Kim Siritaweechai. Pita Limjaroenrat, who has been accused of possessing shares in iTV, has claimed that there are efforts to “revive” iTV to prevent him from becoming prime minister due to his shareholding in the media firm. The current constitution prohibits individuals with media holdings from seeking public office, reported Bangkok Post.

If found to have intentionally applied for the list-MP candidacy despite ineligibility, Pita may face disqualification as an MP following the Thai scandal. Numerous MFP supporters argue that iTV stopped functioning as a media enterprise, which could protect Pita from legal disqualification. However, the inconsistency between the minutes and the video clip sparked a heated debate over the true nature of the company’s operations. Critics maintain that although iTV halted television broadcasting, it has continued generating income from other media-related businesses.