Following the news that the DSI has filed charges against former directors of Helix Co., Ltd., a subsidiary of "Ananda Development", for violations of the Securities and Exchange Act B.E. 2535 after discovering damages exceeding 996 million baht.

Ananda Development Public Company Limited would like to clarify that Helix Co., Ltd. (a subsidiary of Ananda Development Public Company Limited) is an investment in a construction company, holding 99.99% of its shares. It was later discovered that around 2020 (which is not a current event), Helix Co., Ltd. experienced significant accumulated losses and reported losses in its construction projects. Therefore, the company assigned a representative to file a complaint with the Special Investigation Department (DSI), which subsequently decided to prosecute the three defendants for violations of the Securities and Exchange Act B.E. 2535.

Mr. Chanont Ruangkritya, CEO of Ananda Development Public Company Limited, stated: The company began investing in Helix Co., Ltd., which operates in the construction business, in 2013 due to the recognized shortage of construction contractors at that time. The decision to invest in this business was made with a clear operational model and management team separate from Ananda Development Public Company Limited. Subsequently, Helix Co., Ltd. faced continuous losses for five years, leading the company to decide to cease investment in this business in 2020.

The losses incurred have already been recognized by Ananda Development Public Company Limited. However, the company has conducted an internal control standard review in accordance with good corporate governance principles and found irregularities in the management of Helix Co., Ltd. This prompted the company to file a complaint with the DSI, which later investigated the facts and decided to prosecute the three executives of Helix Co., Ltd. for violations of the Securities and Exchange Act B.E. 2535, as reported in the complaint based on the information and documents available and the conclusions from the investigation.

Ananda Development Public Company Limited remains committed to transparency and accuracy in following up on this matter in strict accordance with applicable laws and regulations for the utmost benefit of all shareholders and stakeholders of the company. “The company confirms that the damages identified have been recognized since 2020, thus they are not current events but rather past losses. The company has accounted for these in accordance with accounting standards, and they do not affect the current operations and financial status of Ananda Development Public Company Limited in any way,” Mr. Chanont concluded.

Source of clarification regarding the news https://www.dsi.go.th/th/Detail/f3b5510f1ba9f82a9f5ce920f609c9b3