FETCO president calls for executives charged with insider trading to resign

[rooster59]

FETCO president calls for executives charged with insider trading to resign

BANGKOK: The Federation of Thai Capital Organisations (FETCO) president has called for the board of a SET-registered company to resign after some of its top executives were found guilty of insider trading by the Securities & Exchange Commission.

Mrs Worawan Tharapoom did not name the executives who were fined by SEC nor the name of their company. But it was understood that the company involved was CP All, Thailand’s biggest convenience store operator.

SEC on Wednesday fined CP All chairman Korsak Chairasmisak and two vice chairmen and the firm’s chief legal advisor a total of about 33 million baht in fine for using insider information to buy shares of Siam Makro Plc while CP All was negotiating with Siam Makro to take over the latter.

She said that if the top executives in question did not do anything deemed acceptable it was doubtful that the company would earn the trust and confidence of its institutional investors regarding its corporate governance.

Tags: CP All, FETCO, insider trading, resign, top executives, trust and confidence.

Source: http://englishnews.thaipbs.or.th/fetco-president-calls-for-executives-charged-with-insider-trading-to-resign

-- Thai PBS 2015-12-05

[clockman]

Good luck with that!

[AyG]

I find it shocking that they haven't all been dismissed by the board (even though the chairman is one of those concerned).

And if the chairman isn't dismissed for insider trading, he should be dismissed for incompetence, since he claims he didn't know that CP All was attempting to take over Siam Makro Plc at the time. Hardly a trifling matter.

[trogers]

Investors would get greater odds betting in the casinos at the border with Cambodia than to bet on the stock exchange here.

No criminal charges for insider trading!!!

[scorecard]

Investors would get greater odds betting in the casinos at the border with Cambodia than to bet on the stock exchange here.

No criminal charges for insider trading!!!

Agree. At least this makes a good negative example for teachers to use in uni. courses on ethics and corporate social responsibility.

[WhizBang]

I find it shocking that they haven't all been dismissed by the board (even though the chairman is one of those concerned).

And if the chairman isn't dismissed for insider trading, he should be dismissed for incompetence, since he claims he didn't know that CP All was attempting to take over Siam Makro Plc at the time. Hardly a trifling matter.

Shocking? Really? This is Thailand and this sort of thing is par for the course here. What surprises me is that these clowns have been outed.

Resign... Resigning is never in any Thai's playbook. That would require accountability, ethics and morals. Not in Thailand.

Edited December 5, 2015 by WhizBang

[trogers]

I find it shocking that they haven't all been dismissed by the board (even though the chairman is one of those concerned).

And if the chairman isn't dismissed for insider trading, he should be dismissed for incompetence, since he claims he didn't know that CP All was attempting to take over Siam Makro Plc at the time. Hardly a trifling matter.

Shocking? Really? This is Thailand and this sort of thing is par for the course here. What surprises me is that these clowns have been outed.

Resign... Resigning is never in any Thai's playbook. That would require accountability, ethics and morals. Not in Thailand.

Integrity, a word that has no Thai equivalent. This fact itself speaks volume on the culture...

[SOTIRIOS]

...no penalties or fines.....???

...thanks...so now they can go about their business investing their ill-gotten gains....

...that'll show them....!!!....???...

[asdecas]

I'm afraid that if you don't understand that the stock market game is very often rigged in any number of ways, even in Western countries, you have no business investing in the Thai market.

Sure, there are plenty of good companies with relatively 'clean' accounts, but these ethnic Chinese billionaire bosses have forgotten more ways to game the system than you'll ever learn.

[Gutenberg]

Do not bash them here, just google insider trading scams, you will find tons of it.

E.g. http://www.businessinsider.com/worst-insider-trading-scandals-2011-11?IR=T