Securities and Exchange Commission finds irregularity in Thaicom stock trading

BANGKOK, June 21 (TNA) – Thailand’s Securities and Exchange Commission (SEC) found an irregularity in communication satellite firm Thaicom Pcl stock trading last week and will probe on using inside information and alleged manipulation of its share prices, a senior SEC official said on Monday.

Charuphan Intararoong, head of the SEC’s corporate affairs department said the irregularity was found on June 15-16 and the SEC has asked the Stock Exchange of Thailand (SET) for more information for further investigation.

The SEC submitted a letter to Finance Minister Korn Chatikavanij to seek more information about his recent trip to Singapore to meet Temasek executives, a major stock holder of Thaicom. Irregular stock trading will be thoroughly scrutinised, she said.

The Thai government earlier said it plans to buy back Thaicom stakes for national security reasons.

Singapore-based Temasek Holdings bought Shin Corp, the family business of now fugitive ex-premier Thaksin Shinawatra in 2006.

The telecommunications firm also owns Thaicom Pcl, founded in 1991 with a 30-year build-transfer-operate concession from Thailand’s Ministry of Transport and Communications to operate the country’s first communications satellite. The concession expires in 2021. (TNA)