Referring to the report quoting a source from the Commerce Ministry, Yanyong Phuangrach said the information had been fed by those who wanted to distort the facts. "I know who did it but we don't want to meddle with them," he said.

The newspaper reported that when Kularb Kaew increased its capital from Bt164.4 million to Bt4 billion, Surin, who injected over Bt2 billion into the company for a 68-per-cent stake, received financial backup from a third party.

The source told the newspaper that Surin's investment was transferred from the account of Fairmont Investment Group held at HSBC in the British Virgin Islands on November 17, 2005. Fairmont, which operates the joint-venture business, authorised Green Land Co Ltd to act on this transaction.

The source said the Business Development Department (BDD) found that Green Land authorised Surin to act on its behalf.

While insisting the information was distorted, Yanyong refrained from further revelations.

He insisted the investigation by a ministry committee was not yet complete and that the committee had upheld the principles of political non-interference.

He also rebutted Bank of Thailand Governor MR Pridiyakorn Devakula's comment over the committee's failure to include a central bank representative on the committee.

Petchanet Patruangkrai

The Nation