The company's image has been damaged by Alongkorn's claim, Ascon chief executive officer Pattanapong Tanumathaya told reporters.

He admitted that a daughter of Yaowapha had once held a 19-per-cent stake in Ascon, but this was sold last April.

According to the latest list of major shareholders, the Danumatthaya and Wilailuck families are Ascon's only major shareholders with 32.25 per cent and 26.65 per cent, respectively, he said.

Earlier, Alongkorn, who heads the opposition's working group charged with monitoring corruption, accused Yaowapha of being unusually rich. The Democrat Party is investigating the trading of shares in seven companies owned by the Wongsawat family, both on the stock market and outside it. Deputy Democrat leader Korn Chatikavanij is also investigating the transparency of Yaowapha's daughter Chinnacha's purchase of Garden City Lagoon.

Commenting on allegations of exploiting political connections to win government projects, Pattanapong said the firm had only started entering into bidding for a government project last month, and it won that particular bidding. The company's earlier construction projects were all privately owned projects.

As to the allegation that the firm has links with Worapoj Yasadatt - former dealer in the CTX bomb-scanner scandal - Pattanapong said some executives had joined with Worapoj to set up a construction firm in 1994. But, the firm was disbanded in December 1998.

"I admit that some executives have a personal connection with Worapoj. However, such relationships have nothing to do with the company," he said.

Siriporn Chanjindamanee

The Nation