SHIN CORP SHARES / SUSPECTED THAKSIN NOMINEE FIRM
SEC to pursue Win Mark for insider trading
The Securities and Exchange Commission (SEC) is ready to pursue suspected insider trading by offshore firm Win Mark Co, thought to be a nominee of ousted prime minister Thaksin Shinawatra in the purchase of Shin Corp shares before the Temasek takeover last year. The SEC's move followed heavy criticism that the commission failed to act on insider trading carried out by a nominee firm of Mr Thaksin.
The criticism of the SEC came after the Assets Scrutiny Committee (ASC) on Monday agreed to file additional criminal charges against Mr Thaksin and his wife Khunying Potjaman after it acquired new evidence indicating that the couple failed to declare shares they held in Shin Corp during Mr Thaksin's time as prime minister.
The ASC also claimed its investigators found Win Mark Co, believed to be a nominee firm of Mr Thaksin, had violated insider trading regulations in buying 74 million Shin Corp shares in the stock market two months before Singapore's Temasek Holdings took over the telecoms giant last year.
Win Mark reaped over a 500-million-baht profit from selling the shares, which it bought for 39 baht a share and sold for 49.25 baht a share.
SEC secretary-general Thirachai Phuvanatnaranabula yesterday defended his agency's integrity in share trading cases, saying the SEC acted based on evidence and facts available at the time.
''As the ASC might have got fresh evidence that the SEC had never received or known about before, the agency will cooperate with the ASC to examine the information before taking legal steps against those found to have violated insider trading regulations,'' he said.
The SEC has launched several in-depth investigations and worked to its fullest capacity, but could not reveal its work to the public as this might violate agreements the agency made with foreign agencies which had provided cooperation, added Mr Thirachai.
He dismissed an accusation that the SEC had chosen to examine only some issues and turn a blind eye to others, saying the agency would be subject to a negligence suit if it did such a thing.
Mr Thaksin's legal adviser Noppadon Pattama yesterday denied all the ASC's accusations against his boss.
Mr Noppadon said the ASC's findings were based on outdated information.
He said all the information clarifying that Mr Thaksin had really transferred his Shin Corp shares to his children before becoming premier had been handed to the SEC earlier.
Bangkok Post Sept. 12, 2007