Ex-fund head faces criminal complaint

The Nation

BANGKOK: -- The Securities and Exchange Commission has filed a criminal complaint against Sopana Janeborvorn, a former mutual-fund manager who was responsible for the operations of Kasikorn Asset Management Co (K-Asset) and SCB Asset Management Co (SCBAM), as well as the equity funds managed by both companies.

The SEC says there is evidence that she performed her duty dishonestly to obtain unlawful gains to benefit herself and others, in violation of Section 311 of the Securities and Exchange Act BE 2535 (1992). Phra Suthep Arpassaro (Panpai) and Vachala Pisitsak were also named in the complaint as aiders and abettors.

After a referral from the Stock Exchange of Thailand concerning the trading behaviour of some investors and suspected collusion with personnel of asset-management companies in a front-running scheme, the SEC probed the case. It alleges that Sopana committed dishonest acts by using information about the funds' investment plans to trade securities for personal and other people's gains. Such trading activities were engaged in through two securities trading accounts with assistance from Phra Suthep and Vachala, the commission says.

Equity funds

She was K-Asset vice president from November 2009 to November 2010 and SCBAM senior executive vice president from February to March 2011 with duties as head of fund managers responsible for supervising the equity funds managed by both companies respectively.

As Sopana was also an approved fund manager, despite no longer working for any asset-management companies at present, the criminal complaint subsequently resulted in the SEC revoking that status.

Furthermore, the SEC has instructed all asset-management companies to strengthen their measures to keep information about internal fund operations confidential. These include the funds' proprietary trading decisions and pending orders, to prevent the exploitation of such information to take advantage of the fund. All companies have made progress on this matter, the commission says.

Vasant Thienhom, SEC deputy secretary-general, said that in an asset-management business, which is responsible for managing the money of investors and the general public, public trust is deemed vital for the business' success and very existence. Therefore, the personnel of these companies who are responsible for the funds' operations must perform their duties honestly in the best interest of their clients. They must also comply with professional standards and a code of ethics by not allowing any acts in a manner that takes advantage of clients and the investing public.

-- The Nation 2013-02-16

"... They must also comply with professional standards and a code of ethics by not allowing any acts in a manner that takes advantage of clients and the investing public."

All of them "must" but nobody follows rules.

There is no evil that is not fostered and encouraged for the sake of making money.

How much did they earn?

Who would have thought

"... They must also comply with professional standards and a code of ethics by not allowing any acts in a manner that takes advantage of clients and the investing public."

All of them "must" but nobody follows rules.

There is no evil that is not fostered and encouraged for the sake of making money.

How much did they earn?

This is a bit like looking for a 5 legged sheep; especially in Thailand, where Corruption is simply a National Sport . . . . . .

She must have got a decent salary... the LOS turned into the HOG (Hub of Greed).