The Stock Exchange of Thailand (SET) has asked SBNEXT to improve its internal control system to ensure that its operations comply with the law and the policies set out after it borrowed money and guaranteed for SABUY and used the loan for purposes other than its intended purpose. The SET has ordered the disclosure of information by August 14, 2024. As the auditor of Sabuy Connect Tech PCL (SBNEXT) did not give a conclusion on the financial statements for the first quarter of 2024 due to the significant uncertainty of the ongoing operations, and SBNEXT has clarified the information as requested by the Stock Exchange of Thailand (SET), concluding that the company has not complied with the criteria for related party transactions in the case of borrowing money and using the company's assets as collateral for the Sabuy Technology PCL (SABUY) group, a major shareholder with a share of 24.92%), including using the loan of 889 million baht (48% of the loan from all creditors) to invest in securities, which is not i n line with the purpose of the loan, which is specified to be used as working capital and operations, and is mostly invested in SABUY shares. In such case, it can be considered that the company's internal control system is not efficient enough to ensure that the company complies with the law, regulations, and internal policies of the company. Having an adequate internal control system is one of the qualifications that a listed company must maintain its status. The audit committee has the duty assigned by the board of directors to review the internal control system, review the company's compliance with the law and regulations, and consider related transactions or transactions that may have a conflict of interest. The Stock Exchange of Thailand therefore requests SBNEXT to improve the Company's internal control system to ensure that the Company's operations comply with the law and the specified policies, by having the Board of Directors and the Audit Committee provide opinions on the adequacy and appropriatene ss of such internal control system and disclose the improvement of the internal control system, including the monitoring mechanism of the Board of Directors and the Audit Committee, to the Stock Exchange of Thailand by August 14, 2024. -516-Thai News Agency Source: Thai News Agency