‘Media’ shares still haunting PM bid
ITV, the company at the centre of a media shareholding controversy involving Move Forward Party leader Pita Limjaroenrat, has issued a statement clarifying a discrepancy between the official minutes from its annual shareholders’ meeting and a video of the April 26 event.
It said the part of the written report stating that “the company is still conducting business activities as stipulated in the registration” does not intend to imply it is still engaged in the media business.
“Instead, it is meant to convey that the firm is operating in accordance with the objectives stipulated in the company registration, and it is not a defunct company,” said the statement.
The company said the meeting minutes are not a word-by-word transcription but a summary of questions and answers concerning the company’s business activities.
iTV has further said that its revenue, as shown in the financial statement for 2022, originated from investments and interests.
As for its financial document for the first quarter of this year, which is posted on its website, it is a draft for internal use and is non-binding.
According to the statement, the meeting of shareholders and submission of financial documents and the company’s operations are part of the business routine and are carried out in line with the law.
The statement came after Executive Director Kim Siritaweechai ordered iTV committee members to launch an investigation into the minutes of the shareholders’ meeting.
Mr Pita, who stands accused of holding shares in iTV, has alleged that there are attempts to “revive” iTV in a bid to block him from becoming prime minister through his shareholding in the media company.
Under the current constitution, individuals with media holdings are barred from running for office.
The MFP leader could be disqualified as an MP if he is found to have applied to be a list-MP candidate knowing he might not have been eligible.
Many MFP supporters believe that iTV ceased to operate as a media company, which would enable Mr Pita to avoid legal disqualification.
The discrepancy between what was in the video clip and in the minutes has triggered a fierce debate over whether the company was still functioning as a media company.
Critics have argued that despite iTV having stopped its television broadcasting long ago, it has since made an income from business in other branches of the media.