SET says hands tied on IEC
The Stock Exchange of Thailand (SET) said yesterday that due to a court ruling in May, it was unable to prohibit net-settlement and margin-loan trades in International Engineering Plc (IEC) stock despite its volatility.
The bourse will investigate whether there were any price-manipulating activities or any IEC trades that broke insider-trading regulations. Suthichai Chitvanich, executive vice president of the stock exchange, said SET would take legal action against anybody it found broke the law.Earlier, IEC executive asked the Central Administration Court to nullify an SET order that prohibited net-settlement and margin-loan trades for IEC stock. On May 14, the court ordered the SET to drop its order. On June 8, the SET appealed the decision to the Supreme Administrative Court. The higher court has yet to make a ruling on the case. Over the past four weeks, since June 23 to last Friday, the IEC stock price has moved erratically, but the SET said its hands are tied to do much about it. Siriporn Chanjindamanee The Nation
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