Former PM Thaksin's sibling fined for insider trading

[bigbamboo]

I'm afraid I have to agree with all the Thaksin supporters here.

Another dishonest Shinawat is hardly news.

Edited May 22, 2014 by bigbamboo

[webfact]

SEC fines Thaksin’s sister for insider trading



BANGKOK: -- The Securities and Exchange Commission (SEC) has fined the younger sister of the fugitive premier Thaksin Shinawatra and her husband Somchai Kivitcharoenkul a combined 9.6 million baht for insider trading of M Link Asia Corp shares in 2011.

In a statement released by the SEC, it said Mrs Monthatip Shinawatra and Mr Somchai exploited inside information of M Link Asia Corp (MLink) which they are executives for trading of shares in the stock market.

The transactions were executed during July 27-August 15, 2011, it said.

The SEC said the investigation showed that Monthatip sold 29 million MLink shares in securities trading account of the M Capital Holding Co Ltd. She traded MLink shares on the knowledge of MLink’s 315.79 million baht operating net loss in the second quarter of the year. During the period of the transaction, the result was not yet released to the public.

The loss resulted from an extraordinary item on allowance for impairment work in construction of Portalnet, a subsidiary of the telecom company.

Monthatip learnt of this information while she was MLink’s executive chairman and president as well as an authorised director. She also held 49.99% in M Capital Holding.

SEC said during July 22 – August 2, 2011, Somchai sold seven million shares of MLink in his own securities trading account by using the aforementioned information learnt during his directorship in MLink.

The SEC added both agreed to settle the violation with the fine.

Monthathip is to pay a fine of 7.86 million baht million while Somchai 1.8 million baht.

Monthathip is a younger sister of former prime minister Thaksin Shinawatra. She was previously named Yaowamarn Shinawatra and is the eighth child of 10 children of Mr Lert Shinawatra.

Source: http://englishnews.thaipbs.or.th/sec-fines-thaksins-sister-insider-trading/


-- Thai PBS 2014-05-22

[ATF]

Well the loss was engineered.

"The loss resulted from an extraordinary item on allowance for impairment work in construction of Portalnet, a subsidiary of the telecom company."

Send these clowns to Jail.

[than]

Corruption and cheating are in blood of this family !

[Prbkk]

Yes, they belong in jail, together with the tens of thousands of others who have done very similar things ( but never have been , never will be charged...for reasons known to everyone with any insight into how Thailand functions).

[raybal5]

Such an example of immense greed. These people just can't get enough of controlling everything--and legality is the least of their concerns. Honestly, why would a family with billions claw after more and more and more?

They want more because they have been raised to believe that more is better. More money means more power and more power means more money and more prestige.

[tingtongfarang]

Yes, they belong in jail, together with the tens of thousands of others who have done very similar things ( but never have been , never will be charged...for reasons known to everyone with any insight into how Thailand functions).

Yes i agree...reforms are needed before elections.

[GentlemanJim]

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What the original post fails to mention is if the sale was of existing shares held or was a short sale involved. Just selling existing shares held is difficult to prove any wrongdoing. However if a short sale was involved (thus profiting from the falling price of the stock) it would be extremely difficult to prove innocence. This in fact would be a serious criminal offense and would ensure a prison sentence in most countries.

Last year there was an un-named Bangkok trader who profited significantly from insider information on the Chinese takeover of US based Smithfield Foods. I wonder who that was?

If true then that would have been a particularly stupid thing to do. All that needs doing is that fact reporting to the US authorities and they will take it from there. There is a system already in place that the person who reports it will receive a significant reward based on the amount of money involved. Whoever it was has broken US law and no matter where he/she is in the world, you know the US will ensure they take their pound of flesh for the crime. The trader faces a long time in jail.

[gemini81]

Every low life with that surname needs removed from the face of the earth; add Somchai to the landfill too. Then back to tropical paradise!

Edited May 22, 2014 by gemini81

[Jip99]

So what, not like there's anyone in Thailand who isn't corrupt.

Big news.

Amazing. What would have been your response if the case involved someone completely different, let's say for argument's sake, the sister of Abhisit Vejjajiva...?!

It didn't though.

Maybe because it is the Shinawatra family that is rotten to the core - not the Vejjajiva's

[Anon999]

Just another case of the Shins being picked on

What a complete and utter idiot you are. Anyone carrying out insider trading deserves the same treatment as Nick Leeson. A fine is barely a slap on the wrists.

[billd766]

So what, not like there's anyone in Thailand who isn't corrupt.

Big news.

Well as a Thaksin/UDD/RedShirt supporter I would expect that you would condone corruption especially if "The Family" do it but if Suthep/Abhisit?Democrats do it you are one of the first to spew bile and scream and shout about that.

Hypocracy must be a part of you religeon I suppose.

[Chris Lawrence]

You never see any of the military that are on company boards or the Thai elite doing this sort of thing. Imagine the shame.....

[tingtongfarang]

You never see any of the military that are on company boards or the Thai elite doing this sort of thing. Imagine the shame.....

Are you saying thaksins sister is not one of the elite?

[gemini81]

Just another case of the Shins being picked on

What a complete and utter idiot you are. Anyone carrying out insider trading deserves the same treatment as Nick Leeson. A fine is barely a slap on the wrists.

They are inside TRAITORS is more like it. Betrayed and double crossed the country, taxpayers, competitors.....

[gemini81]

You never see any of the military that are on company boards or the Thai elite doing this sort of thing. Imagine the shame.....

They ARE the elite.The family had so much money (and now declining) power there is no need to categorize the graft, dishonesty and swindling of this family. If you have hordes of cash as they do you ARE the elite.

Edited May 22, 2014 by gemini81

[ATF]

Just another case of the Shins being picked on

What a complete and utter idiot you are. Anyone carrying out insider trading deserves the same treatment as Nick Leeson. A fine is barely a slap on the wrists.

Nick Leeson was not an insider trader, he overstepped his margin allowance. His supervisors couldn't understand the complexity of the trades he was doing and pulled the plug. If his trades had been left to run he would have made billions. The real reason he was jailed is because most of the money lost was QEII's.

[sonar6ca]

So what, not like there's anyone in Thailand who isn't corrupt.

Big news.

I guess you must know all the people in Thailand, or just plain stupid.

Edited May 22, 2014 by sonar6ca

[dabhand]

Just another case of the Shins being picked on

What a complete and utter idiot you are. Anyone carrying out insider trading deserves the same treatment as Nick Leeson. A fine is barely a slap on the wrists.

Nick Leeson was not an insider trader, he overstepped his margin allowance. His supervisors couldn't understand the complexity of the trades he was doing and pulled the plug. If his trades had been left to run he would have made billions. The real reason he was jailed is because most of the money lost was QEII's.

I know this is off topic, but I thought that Nick Leeson's demise was as a result of the Kobe earthquake. He had bet huge (there's that word again!) on the Tokyo stock market and couldn't meet the margin calls when that market tanked.

[mikemac]

Martha Stewart went to prison for insider trading worth only USD200k but the Thai SEC is rather toothless lacking its own powers of prosecution, unlike the NACC. So they usually go for these type of settlements. Otherwise they have to go through the police and attorney-general for criminal prosecutions which are rarely if ever successful in the case of very wealthy defendants.

Sent from my iPhone using Thaivisa Connect Thailand

Prison ? Why didn't she do the right thing and skedaddle to Dubai and declare a state of "self imposed exile" ???

[JRSoul]

So what, not like there's anyone in Thailand who isn't corrupt.

Big news.

Red fall-back line #5 "others did it too"; a puerile excuse my mother wouldn't accept 50 years ago.

Perhaps you could try "politically motivated charges"?

[mikemac]

So the usual Thai Rouge apologists come out in force, claiming this is sooo normal, nothing to see here, etc. Pathetic!

I have not read all the comments yet but I would be very surprised if you see fabio on this one, Thai Rouge apologist he is, he prefers easier pickings where he can brandish names like amart, elites, fascists etc etc. This is about yet another Shin being caught red handed and busted, lost count now there have been so many of them. Is there in fact anyone from the Shin regime who does not have a criminal record or had some sort of run-in with the law ? Or been kicked out of office for being bent ?

[Rorri]

Outrageous! You'd never find British politicians getting caught doing anything like that.

No government is immune, but once caught it is how the guilty are dealt with and I suggest to you, any British MP's caught would be dealt with a lot more severely than any in Thailand.

[ATF]

Just another case of the Shins being picked on

What a complete and utter idiot you are. Anyone carrying out insider trading deserves the same treatment as Nick Leeson. A fine is barely a slap on the wrists.

Nick Leeson was not an insider trader, he overstepped his margin allowance. His supervisors couldn't understand the complexity of the trades he was doing and pulled the plug. If his trades had been left to run he would have made billions. The real reason he was jailed is because most of the money lost was QEII's.

I know this is off topic, but I thought that Nick Leeson's demise was as a result of the Kobe earthquake. He had bet huge (there's that word again!) on the Tokyo stock market and couldn't meet the margin calls when that market tanked.

Yes Kobe was a contributing factor and when his supervisors found out how much margin he was carrying they pulled the plug.

[mikemac]

You never see any of the military that are on company boards or the Thai elite doing this sort of thing. Imagine the shame.....

Are you saying thaksins sister is not one of the elite?

I always get a laugh out of these red flag waving zombies who crap on about these elusive "elites" who cannot be named, but don't you worry, they are out there and have been secretly running the country for years, and keeping the peasants in their place.

What do they think the Shinawatras are ? Issan rice farmers ? Poor people living in shacks outside Udon Thani ?

Have these morons seen the Shinawatra homes in Chiang Mai ? One of them is on the river road, south west of town on the way to Hang Dong. That is an elitist home if I ever saw one.

Meanwhile, the poor buggars who elected them are still waiting to be paid for their rice crop from last year.

[valvenus]

The other guilty fraudster, former Executive Director of M-Link and gynecologist Somchai Kovitcharoenkul, is Thaksin's brother-in-law (husband of co-conspirator Monthathip Shinawatra).

I wouldn't even trust this guy washing my dog. Look at him, he looks like he might just eat it.

Imagine the unfortunate women patients who look down between between their spread-eagled legs suspended in stirrups and see his face.

[how241]

I am shocked and surprised at such conduct!

ha ha ha ....happens everyday- everywhere but today they were unlucky and got caught...

[NeilSA1]

Your posts make no sense.

Where did the Puea Thai party demonize "global economists" or "AoT" or "business owner".

Those definitions don't even make sense, much less what you are trying to say.

Are you on the free WiFi from the pub or something?

Your challenging me that the PTP don't demonize these entities by belittling me at the end of your post with your wifi quip!

It reminds me of when Somchai Srisuthiyakorn described the red shirts as rude, low and wild and there reaction was….Yep, you guessed it. It was a rude, low and wild reaction proving Somchai right.. They are not the smartest group that "3rd hand" that represent 7% of the population.

​Anyway since the martial law has brought groups together and achieved so much more in 40 hours than the PTP have in 7 months I will make a deal.

I will start linking posts or OP's to each entity in my lists. Since this list has been a 3 year project and I have added as the opportunity represents itself will only start with the beauty pageant and go from there as I will not imitate Tarit as the lap dog of anyone.

​In the name of reconciliation I hope my dove of peace is accepted by you.

You spent 3 years creating a list that is barely 2 lines long yet have no evidence at all to support even 1 of the items on it?

Typical nasty little post.

[NeilSA1]

So what, not like there's anyone in Thailand who isn't corrupt.

Big news.

What an absolute rubbish and pathetic response.

[gemini81]

So what, not like there's anyone in Thailand who isn't corrupt.

Big news.

What an absolute rubbish and pathetic response.

At least he or she is finally confessing their own guilt then! First honest post from this mega-troller ever.