TPI Polene Plc, the country’s third-largest cement maker, has had its petition to suspend payment of a THB6.9bn fine rejected by the Appeal Court, which said it must file the request to the Criminal Court first.

A legal expert said that the rejection appeared to be on technical grounds, as the petition would ultimately need a ruling from the Appeal Court, but simply must be filed with the Criminal Court first.

The Criminal Court last year convicted the company of violating the Securities and Exchange Act by releasing information that overstated the value of its stock ahead of a public offering in 2004.

Early this week, the company was allowed to exit a court-supervised business rehabilitation plan under which it had been operating since 2000.