Thai Union chief resigns

TU Executive Director Chuan Tangchansiri has also stepped down.

In a letter to the Stock Exchange of Thailand dated 18 April 2022, TU confirmed the resignation of both men. However, the letter said that the company had conducted a fact-finding investigation and found “no evidence indicating any insider trading activities”.

As reported by WF on 4 April, nine people including Chansiri and Tangchansiri were issued with civil sanctions by SEC after its investigation found they had engaged in insider trading of the company’s stock. According to the SEC, the insider trading took place between October and November 2017, in advance of the public release of company’s third-quarter 2017 results – a period that saw a significant increase in profit.

It has fined Chansiri THB 3.4 million and Tangchansiri THB 1.7 million. Both men have also been banned him from serving as directors or executives at any publicly-traded company in Thailand for 14 months.

Those family members involved were fined between THB 550,000 and THB 2.1 million and also face bans from serving as directors or executives for between nine and 12 months.

TU’s letter to the stock exchange also stated, “the company has adhered to the good corporate governance of the listed company and always continued to maintain our corporate governance standard including uplift and update our corporate governance system to be aligned with international standards.”

It concluded, “The company would like inform that from [the] nine persons who are named on the news, there are only two persons acting as the company’s directors and executives and they intend to resign in order to show their sincerity and prevent any negative impacts on the company.”

Thai Union’s global brand portfolio includes Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar and Rügen Fisch.