Investigators Start To Dig Up The Dirt

Opinion

overdrive:Investigators start to dig up the dirt

The Securities and Exchange Commission has been caught in an embarrassing situation again. This follows an investigative breakthrough in the Shin Corp deal.

Published on September 14, 2007

The Assets Examination Committee has made public damaging evidence against Thaksin Shinawatra, who has been found to have concealed assets offshore and continued to rely on nominees to hold them on his and his wife Pojaman's behalf while he was still serving as prime minister. This has prompted the SEC to react, reluctantly though.

Yesterday the SEC issued a statement to say that it would follow up on the case by asking for information from the AEC. It would further probe Thaksin's alleged concealment of Win Mark Ltd as an offshore nominee, and alleged insider trading committed by Win Mark.

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Compared to its crusades against executives of smaller listed companies in the stock market, the SEC has been reluctant to investigate the Shin Corp deal. It has maintained that its investigation - which is seemingly going on forever - can only proceed under the securities law.

However, scandals related to the Shin Corp deal have been investigated and disclosed by others such as Prasong Visuit of Matichon newspaper and two co-authors by the pen names of Ma Nok and Dek Nok Krop. The pair have written two books to point out what was wrong with the Shin Corp deal.

The do-nothing attitude of the SEC has prompted Kaewsan Atipho, a member of the AEC, to throw a clever jibe at the exchange watchdog.

SEC, in the Thai language, uses the letters Kor Lor Tor. Kaewsan's witty word play mentions the words Ku Luem Tam - "I forgot to follow up".

Thanong Khanthong

regular hive of corporate good governance ...........................