INTERNATIONAL ENGINEERING ROW
Bee sets record straight
Former executive director says he resigned to avert a conflict of interest
Bee Taechaubol, former executive director of International Engineering Plc (IEC), spoke out yesterday about his dispute with the company's management, saying he wants to continue as a shareholder and is concerned about the public perception of the row. Bee, who is IEC's major shareholder, resigned from the executive director post last week. The company is a communication and technology firm whose business includes mobile-phone distribution. He said yesterday his resignation was not due to his dispute with management, but to prevent a conflict of interest after he became involved with a hedge fund. He said he had held IEC shares since October and wanted to maintain his stake because of the company's good growth potential. "I'm worried that news of this dispute may have affected retail investors. [As it came out], the news was quite confusing," he said. "Now, I would like to confirm that most major shareholders have not sold their shares in IEC." Late last year, Bee was reported to have sold 30 million shares, part of his stake in IEC, because of a conflict with major shareholders. Currently, he holds about 50 million shares. As of March, his stake amounted to 3.49 per cent of the company. Bee said his dispute with current management had not resulted in his resignation last week. He recently set up a company, Global Estate Co Ltd, which invested in a hedge fund, and he wanted to prevent any conflict of interest arising from that, he added. Global Estate joined a venture called OPUS Thailand Opportunities Fund. Its investment amounted to 40-per-cent ownership. Bee said his partner in the fund was a fund manager, but did not elaborate. The OPUS Thailand Opportunities Fund was launched recently with funds of US$10 million (Bt3.8 billion), which it plans to boost to $500 million over the next 18 months. The fund will focus on investing in Thailand and Hong Kong, as well as other emerging markets, Bee said. It will invest in companies with high growth potential and those with turnaround prospects.
Siriporn Chanjindamanee The Nation
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