The SEC's statement followed retaliatory charges filed by Thosapong Jaruthavee, former managing director of Natural Park, accusing the SEC's secretary-general, Thirachai Phuvanatnaranubala and five others of malfeasance.

The commission said its procedure in filing charges against former executives of N-Park and other relevant parties was an action taken under the Securities and Exchange Act. The charges, originally filed with the Department of Special Investigation (DSI), sought investigation of a case of siphoning from N-Park to another party.

"The SEC and the SEC's executives do not have any bias or personal conflict with the accused executives," the statement said. "Therefore, the procedure was not an act of discrimination or an attempt to bully anyone."

The SEC said that before the charges were referred to prosecutors, the facts had been considered "with prudence" by the DSI and a special task force consisting of representatives from the Justice Ministry, the Bank of Thailand, the Anti-Money Laundering Office, prosecutors, and the SEC. Both the DSI and the taskforce agreed there was enough evidence to file charges.

The charges were filed against Thosapong on August 23, 2004, accusing him of striking business decisions in 1999 that benefited businesswoman Sawang Mankongcharoen. The SEC also accused Sawang of benefiting from Thosapong's actions.

The Attorney's General Office dropped all the SEC charges last month and Thosapong said this encouraged him to file retaliatory charges. In what he labelled his "personal claim", filed on Monday, he accused the officials of violating the Criminal Act's article 157, concerning malfeasance. He said he had suffered social damage and economic problems because of the SEC's charges filed against him.

Thosapong said he might also consider filing a civil lawsuit. However, no matter what happens as a result of the accusations, he will not return to work for Natural Park. He no longer holds shares in the company.