ITV closes its operations since 2007 and files lawsuits against the Prime Minister’s Office
Anupong Chayrith, the Deputy Director of the Public Relations Department of Thailand (PRD/Thai PBS), confirmed on Wednesday that ITV Co., Ltd. has ceased operations since 2007, and likewise, its subsidiary, which provided filming equipment rentals, has also closed down. However, they are maintaining their legal status as they take legal action against the Office of the Prime Minister’s Secretariat.
This disclosure comes as Ruangkrai Leekijwattana, the 22nd-ranked candidate on the Palang Pracharath Party’s list for the House of Representatives, who has a reputation of filing numerous complaints, accused Pitha Limjaroenrat, the leader of the Move Forward Party, of holding shares in media companies, which disqualifies him from being a member of the House of Representatives or a government minister. Pitha has gained popularity in recent election surveys slated for May 14.
In a Facebook post, the Thai PBS Deputy Director provided seven points confirming ITV and its subsidiary have ceased operations based on ITV’s 2022 annual report. The first six points are presented from the annual report, while the seventh point is Anupong’s personal opinion:
1. ITV terminated its television station operations at midnight on March 7, 2007, following the cancellation of contracts by the Prime Minister’s Secretariat.
2. The Stock Exchange of Thailand (SET) delisted ITV shares from trading on July 24, 2014.
3. The company is currently involved in a legal dispute with the Prime Minister’s Secretariat, resulting from a decision of an arbitration panel that stated the contract termination was unlawful and ordered the Secretariat to pay THB 2,890 million (US$87 million) in damages.
4. The Secretariat later filed a lawsuit with the Administrative Court to revoke the ruling of the arbitration panel, which the court dismissed.
5. In January 2021, the Secretariat appealed the decision of the Administrative Court, and the case is now pending consideration by the Supreme Administrative Court.
6. In the 2022 financial year, ITV earned revenues of THB 20.5 million (US$617,000) from its investments and interest income and had a net profit of THB 8.5 million (US$256,000).
7. ITV has one subsidiary, Artware Media Co., Ltd., which used to lease television production equipment, produce TV shows, trade movie and TV program copyrights, and engage in other marketing activities. The company’s current status is listed as having ceased operations.
The major shareholder group that presently influences the policy and operation of ITV is InTouch Holdings Public Company Limited.
Anupong shared that ITV maintains its legal status to take legal action against the Prime Minister’s Secretariat, reiterating his personal opinion on the matter, reports Sanook.
