Latest update on ITV status and legal disputes in Thailand
According to the latest updates on the status of the troubled television station ITV, the company ceased operating in March 2007. However, they have maintained their status as a legal entity to continue their legal battle against the Prime Minister’s Office. This information comes from a post on the Facebook page of Anupong Chaiyariti, the deputy director of the Thai Public Broadcasting Organisation (Thai PBS), which is in charge of operations and technology.
The issue resurfaced after a petition was filed with the Election Commission to investigate the candidacy of Pitha Limjaroenrat, a prime ministerial candidate for the Move Forward Party, and whether his involvement as a shareholder with ITV Public Company Limited, holding 42,000 shares, would disqualify him from running for office. Pitha has since explained that the shares in question belonged to a family trust and he had already reported this to the National Anti-Corruption Commission.
In the Facebook post, Anupong Chaiyariti shared details from ITV’s 2021 annual report, stating the following:
1. ITV stopped operating its television station at midnight on March 7, 2007, due to the cancellation of its collaborative agreement by the Prime Minister’s Office.
2. The Stock Exchange of Thailand delisted ITV shares from trading on July 24, 2014.
3. The company is currently involved in a legal dispute with the Prime Minister’s Office, arising from a decision by the Administrative Court which ruled that the termination of ITV’s contract was unlawful and ordered compensation of US$2.89 billion.
3.1 The Prime Minister’s Office later appealed the decision to the Administrative Court, which dismissed their petition.
3.2 In January 2021, the Prime Minister’s Office appealed the ruling of the Central Administrative Court to the Supreme Administrative Court, where the case is still ongoing.
4. In the 2021 fiscal year, ITV generated revenue from investments and interest income of US$20.5 million (returns from debt securities and capital securities), with a net profit of US$8.5 million.
5. ITV has one subsidiary, Artware Media Company Limited, which leases equipment for the production of television and radio programs, produces television programs, and trades in movie and television show copyrights, as well as other marketing activities. However, the subsidiary has also ceased its operations.
6. Intouch Holdings Public Company Limited is the majority shareholder group with the potential to influence ITV’s policies and operations.
7. ITV’s legal entity status is being maintained to continue the lawsuit against the Prime Minister’s Office (Anupong’s personal opinion).
The information in points one to six derives from ITV’s annual report for 2021, while point seven reflects Anupong Chaiyariti’s personal opinion, reports Sanook.
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