Sec Took 62 Firms To Task In Past Year

SEC took 62 firms to task in past year

Published on December 24, 2005

Sixty-two listed companies were tackled for alleged breaches of securities laws in 2005, the Securities and Exchange Commission (SEC) said yesterday.

SEC secretary-general Thirachai Phuvanatnaranubala said the 62 cases comprised 13 left over from 2004, 18 submitted by the Stock Exchange of Thailand (SET), and 31 cases originated by the securities watchdog itself.

One of the cases involved Picnic Corp Plc, against which a complaint of accounting fraud was filed in the middle of the year. Picnic’s major shareholder was the family of the then deputy Commerce minister, Suriya Lapvisuthisin, who had to resign because of the scandal.

The Picnic case is now being handled by the public prosecutor.

Thirachai said the SEC had settled 23 of the 62 cases: it filed complaints against six companies and fined three, while complaints against 14 were nullified.

The remaining 39 cases are currently under examination.

Thirachai said the SEC this year approved 57 initial public offerings via the two primary markets, the SET and the Market for Alternative Investment (MAI).

However, only 47 firms were listed, raising a total of Bt23.7 billion. The remaining 10 companies are still in the process of corporate restructuring, including accounting and internal controls, he said.

The SEC chief said the commission had in the past year ordered at least nine listed firms to revise their financial statements, while another four were ordered to set up special auditing of their financial statements.

Siriporn Chanjindamanee

The Nation