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Published on September 15, 2007

The Assets Examination Committee (AEC) has accused his agency of doing nothing to probe the case allegedly involving asset concealment and insider trading on the part of former prime minister Thaksin Shinawatra.

Thirachai yesterday issued a statement for the third time in a week to defend the SEC's role by declaring that the agency was ready to welcome any investigation into its performance.

"So far there have been accusations that the SEC has failed to investigate the case thoroughly or has only selectively elected to probe other cases. Yesterday [AEC spokesman] Khun Sak Korsaengrung also accused the SEC of failing to do its job adequately," Thirachai said.

"This kind of charge has not only hurt the SEC, which is an important organisation in the capital market, it could also affect the confidence of Thai and foreign investors in the Thai capital market. Overall, this is not good for the system." Following almost a year of hard-hitting investigation, the AEC has produced evidence to show that Thaksin, while he was still prime minister, breached the law by using his children, close relatives and offshore companies as nominees holding assets on his and his wife's behalf.

Thaksin, the AEC has found, still owned and controlled Ample Rich Investments, an offshore company that held 10 per cent in Shin Corp, from 1999 up to 2003 before he transferred the interest in this firm to his two children.

Even more damaging is the AEC's evidence that Win Mark, another offshore company, could belong to Thaksin by holding more than one per cent in Shin Corp without proper disclosure.

Win Mark was also suspected of insider trading because it steadily accumulated Shin Corp shares before selling them to Temasek of Singapore for a gain of Bt500 million.

Thirachai said he would like all parties to cooperate and work on the Shin Corp deal instead of accusing the SEC without any grounds for doing so.

"We are ready to let anyone investigate the performance of the SEC in all forms. As for the Shin Corp deal, I would like the AEC to pass on the information on alleged insider trading or other violation of the securities law, so that the SEC can pursue additional investigation," he said.

Sak said on Thursday that if the SEC had done its job seriously, the AEC would not have had to work this hard. The AEC might not pass on the information about the Shin Corp deal to the SEC, he said.

Kaewsan Athibhodi, another

AEC member, has also expressed disappointment with the SEC for neglecting to dig deep into the Shin Corp deal. He said the SEC just stood for "I forgot to follow up".

Besides his statement yesterday, Thirachai came out on Tuesday and Thursday to defend the role of the SEC in the Shin Corp deal, saying the commission has worked to the limit of the securities law.

The finding that Win Mark, allegedly controlled by Thaksin, was also holding Shin Corp stock without proper disclosure, was news to the SEC, he acknowledged.

He also called for the AEC to pass on information, so that it could probe further as to whether Win Mark was involved in insider trading, which is a serious crime.

The AEC and the National Counter Corruption Commission will be wrapping up the case against Thaksin involving Ample Rich and Win Mark to justify the government's move to freeze his family's finances worth more than Bt50 billion. If found guilty of being unusually wealthy as a result of policy corruption, Thaksin's assets could be confiscated for the state's treasury.

The Nation