Information from the Founder, Hans – Jorgen Nielsen
During the period of March to May in the year of 2010, HJ Nielsen and his daughters sold 9 million shares in LVT and used the proceeds together with cash 8 million THB to convert 17 million Warrants, so that they together increased their shareholding by 8 million shares. The reason for the transactions was, that HJ Nielsen wanted to speed up to funds from the conversion of warrants to be able for LVT to invest the proceeds into the cement plant in Myanmar.
These transactions have most likely been reported to the Stock Exchange Committee of Thailand (SEC) and probably by a former staff of LVT, and during the investigation by SEC they concentrate on one single transaction, which based on theoretical estimations can be said to have be given profit of approximate 1 million TBH, whereas the entire transaction gave HJ Nielsen and daughters a combined loss of 6 million THB.
In June 2013 the SEC came up with a proposal to HJ Nielsen, that if he paid a penalty of 1.xx million THB for insider trading, they would close the case, announce the case on their website as a case closed and no further action would be taken. During the entire case, the SEC has never given any evidence for their charge against HJ Nielsen in writing, whereas he has given several evidences for his defense. As HJ Nielsen with the advice from high level lawyers seems to have done nothing wrong, he has rejected the charges brought upon him by SEC and the case will now be revalued by the Department for Special Investigation, DSI.
During the time from 2010 to today HJ Nielsen and his daughters have increased their number of shares in the company from 37 million to 60 million shares, which shows his commitment and trust in the company. To avoid any conflict with SEC during this period, HJ Nielsen in line with opinion of the Board of Directors has decided to step down as a director of the company until the verdict from DSI, but he continues to work actively for the company, which he founded in 1996.
In case you receive any misleading information for this case, which can harm the reputation of HJ Nielsen, it is highly appreciated, that this information is passed on to HJ Nielsen on mail address email@example.com. Such information will be highly appreciated.
Please be informed accordingly.
Hans – Joergen Nielsen, Founder of LV Technology PCL.