The Stock Exchange of Thailand (SET) was ordered to pay compensation of Bt40,000 to each of four marketing agents yesterday by the Central Administrative Court for failing to approve their trading identifications after they switched jobs.

The four were among seven agents who accused the SET, its former president, Kittiratt Na Ranong, and senior vice president, Supakit Jirapraditkul, of malfeasance and threatening their rights and freedoms to change jobs.

The court ruled yesterday that the four: Thipthawat Thapmalee, Pisitsak Kulvanich, Natnakorn Leuanrangsee and Kittisak Chanwittayakunaporn, should each be paid Bt40,000 compensation by the SET. They are  marketing officers of BFIT Securities Co Ltd. One of the seven original complainants dropped the case, while the court has yet to consider the cases of the remaining two.

The court said that in failing

to approve the trader identification of the four agents, the SET had acted beyond its authority and had prevented the officers from conducting timely trading transactions for customers, causing inflexibility in operations.

The court dismissed the charges against Kittiratt and Supakit.

Natnakorn, who is also chairman of the labour union for the securities business, said the union would discuss the case soon. He said he planned to deliver flowers as a show of moral support for the new SET president, Patareeya Benchapolchai.

Pisitsak said he was satisfied with the court ruling as it was in line with the legal framework and will become a guideline for staff of other securities firms.

"The court's ruling reflects the fact that we've done the right thing by making society aware of what is right and what is wrong. The compensation is only a minor element; we're not concerned whether it is a small or a large amount. This will become a guideline for other staff. The court has given us fairness," Pisitsak said.

Suthichai Chitvanich, SET executive vice president, said yesterday that the stock exchange would appeal to the Supreme Administrative Court asking not to pay the compensation.

Siriporn Chanjindamanee

The Nation