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Published on November 8, 2007

"The SEC has yet to receive any information from AMLO, but we're ready to launch the probe immediately if we get the information," SEC deputy secretary-general Prasong Vinaiphat said yesterday.

AMLO's chief, Pol Colonel Sihanat Prayoonrat, said on Tuesday his office had asked brokers and asset-management companies to report stock transactions of more than Bt2 million and Bt5 million, respectively, to AMLO after an investigation found many suspicious transactions with cumulative amounts of billions of baht per year.

Prasong said the SEC would follow money trails to determine whether there were any breaches of law governing stock manipulation.

"We'll pay attention to transaction links rather than suspicions that nominees are acting on someone's behalf," he said.

Commenting on AMLO's requirement that securities brokers and asset-management companies report transactions exceeding Bt2 million and Bt5 million, respectively, Prasong said most may not have been disclosing such transactions to AMLO out of confusion.

"They may be confused, because proceeds from such transactions will eventually be transferred through commercial banks, and banks report regularly to AMLO. They may have thought it unnecessary to disclose the required transactions," he said.

Prasong said the SEC hoped new securities and exchange legislation would be passed before the end of the current government's term. Draft laws will be submitted to the National Legislative Assembly next week.

The proposed new laws would allow shareholders who can gather at least 5 per cent of the total shares in a company to propose an agenda at a shareholders' meeting, file lawsuits against executives who cause damage to companies and prevent the assets of stock investors from being seized when a securities broker goes bankrupt.

The Nation