Bangchak Corporation Public Company Limited (SET: BCP) has published an official statement, reassuring that the ongoing allegation and shares freezing imposed by the government sector yesterday was a specific restriction put on an individual and that the business and operation remain unaffected.
The clarification is aimed at addressing investor and stakeholder concerns after Thai authorities reported progress in a transnational money-laundering case.
The statement followed a joint update on October 27, 2026, by the Securities and Exchange Commission, the Economic Crime Suppression Division (ECD) and the Anti-Money Laundering Office (AMLO). BCP noted that the shares frozen since December 3, 2025, are holdings linked to the alleged money-laundering network and remain under AMLO’s control.
The company said the action by authorities is limited to the affected shareholder’s stake. It added that no connection has been found between the allegations and the rest of BCP’s shares.
Bangchak stated that it has continued taking steps to protect the company and its shareholders. These include the appointment of a special committee to assess the situation and consider any necessary actions.
A director representing the affected shareholder has not attended board meetings or performed duties at the company’s office since the share freeze began, BCP said. The individual remains a director as legal disqualification has not occurred, but has not had authority to sign on behalf of the company since December 11, 2025.
The company also sought shareholder approval to amend rules on director qualifications at its 2026 annual general meeting on April 10. BCP explained that the proposed changes were intended to strengthen governance standards, limit potential damage, reduce further risk and support confidence among financial institutions, business partners and other stakeholders.
The proposal received support from more than two-thirds of shareholders but failed to reach the three-fourths approval threshold required by law. As a result, the amendment was not adopted.
A legal challenge related to the matter is now before the court, BCP remarked. The company emphasized that it continues to manage risks under applicable laws, corporate governance principles and regulatory requirements.
Bangchak said it remains ready to cooperate with relevant authorities and will proceed in line with legal requirements and SEC rules, while maintaining its focus on governance and the long-term protection of the company and investors.
