3 replies to this topic

[Gene]

"The opposition Puea Thai Party has accused the government of failing to notify the Stock Exchange of Thailand (SET) in advance of its plan to buy satellite firm Thaicom Plc from Singapore's Temasek Holdings, which led to unusual trading in Thaicom shares.

Puea Thai spokesman Prompong Nopparit said on Friday that the party detected stock manipulation in the bourse from Monday to Thursday and was informed that it was due to insider trading."The situation is similar to the take over of the Siam City Bank and Asia Credit Limited Bank when the Democrat Party was in office earlier," Mr Prompong said. He said the SET and the Securities and Exchange Commission (SEC) had to investigate the case under pressure, as politicians were involved.

The Puea Thai Party will ask the parliamentary finance, fiscal and banking committee to help examine the case in conjunction with the SET and the SEC, he said.Puea Thai MP and a member of the party's legal team Prakiat Nasimma said the government did not have an intention to purchase Thaicom from the start.

Finance Minister Korn Chatikavanij and Democrat MP Sirichoke Sopha, who were Prime Minister Abhisit Vejjajiva's close friends, travelled to Singapore earlier to meet Temasek to discuss the possibility of buying Thaicom, Mr Prakiat said. "About 200 million to 300 million baht were spent on stocks since March and the government began to stir up nationalism before announcing its plan to regain Thaicom," the opposition MP said.

The stock market regulation stipulated that the SET must be notified in advance about announcements that could affect share prices, he said."Mr Korn, who is a former broker, should be well aware of this regulation."The SEC has to find out if the prime minister did inform the stock market before making the Thaicom purchase plan public," he said."

http://www.bangkokpost.com/breakingnews/18...-set-regulation

[Hedda]

Given the nature of Thai politics, it is inconceivable that the "secret" mission of Abhisit's good buddy, Finance Minister Korn, to Singapore to discuss the purchase of ThaiCom would not have leaked to a variety of politicians and bureaucrats in the government. The temptation to buy ThaiCom stock in advance of the public disclosure may have been irresistible to some who got the insider information. It will be interesting to see how well the tracks were covered, if insider trading actually occurred.

[Kirkland]

"The Securities and Exchange Commission (SEC) admitted today that there is irregularity in Thaicom Plc's share price movement last week. The watchdog is prepared to launch an in-depth investigation to find "insiders" who may have used the inside information for their own benefits.

Jarupan Intararung, a director of the SEC secretariat office, said that the investigation will be based on the data submitted by the Stock Exchange of Thailand. The SEC has also sent a letter to Finance Minister Korn Chatikavanij, asking for more information on the government's move to take over Thaicom's satellite business; for example, who had the information on his discussion with Temasek Holdings as well as the names of those accompanying him on the trip.

"We're accumulating document for the in-depth investigation. We have the overall picture of those who traded on the company's shares. There are a number of investors. Still, this will take time as we have to pinpoint all connected. The information is complicate, as some may trade via those with unfamiliar names," she said.She insisted that the SEC will assure transparency."

http://www.nationmultimedia.com/home/2010/...C-30132052.html

[TheYenta]

"Finance Minister Korn Chatikavanij will go head to head with Puea Thai Party MPs today to debate the details of the government's possible purchase of the satellite operator Thaicom. Mr Korn will attend a meeting of the house committee on monetary, fiscal and banking affairs to explain the government's bid to buy Thaicom Plc from Singapore-based Temasek Holdings and to clarify allegations of insider trading involving Thaicom shares. .

Opposition politicians led by Puea Thai Party spokesman Prompong Nopparit have raised questions over whether government members have been engaged in insider trading in Thaicom shares. Mr Korn has denied the charge. "I have nothing to hide," he said.

"But Mr Surapong should also call in Mr Prompong, who claims to have evidence pointing to share manipulation, to attend the meeting."If Mr Prompong does not dare to come to explain, then it can be assumed that they were all false accusations without a shred of truth.

"Even the stock market and the Securities and Exchange Commission did not know who was involved [in the share manipulation]." Mr Prompong alleges that two politicians with the initials "K" and "S" reaped profits of more than 300 million baht from the alleged manipulation of Thaicom shares.

The price of Thaicom shares jumped 29% on reports that Mr Korn had held talks earlier this year with Temasek about possibly buying out its indirect stake in the satellite operator."

http://www.bangkokpost.com/business/teleco...ore-house-panel