California fitness divulges shady money trail

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BANGKOK, June 13 – Two leading Thai government agencies are thoroughly examining the money trail of bankrupt fitness centre California Wow Experience (CAWOW), with preliminary evidence pointing to a swindling of the public, according to a senior officer of the Securities and Exchange Commission (SEC).  

SEC Secretary General Vorapol Socatiyanurak said his agency has coordinated with the Anti-Money Laundering Office in back-checking the financial statements of CAWOW, a fitness company listed in the Thai stock market. Its trading has been suspended for some months.

He said it has yet to be verified if the financial statement, signed by an auditor, is correct and legal action will be taken if  the troubled company is found to have breached the law.