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This resulted in a loss of between Bt18 billion and Bt24 billion.

PSACC secretary-general Tharit Phengdit said the investigation's findings had already been submitted to Justice Minister Pirapan Salirathavibhaga.

He said those responsible for damaging the GPF could be divided into the fund's secretary-general and staff on one hand and board members on the other.

The GPF's official website said the fund's net asset value stood at Bt471 billion at the end of the first quarter, up 1.3 per cent quarter on quarter. Of that amount, 77.5 per cent was invested in debt instruments, 13.2 per cent in bank deposits and 7 per cent in equities.

Tharit said the PSACC had launched an investigation into 11 counts of irregularities. But the commissioners have received little cooperation from GPF personnel so far, who have failed to be forthcoming with pertinent information.

He added that any GPF executives found to have been involved in management irregularities would be subject to further probes by the National Anti-Corruption Commission, while officials below C-8 ranking would be prosecuted by the PSACC.

GPF secretary-general Visit Tantisunthorn is at the centre of the investigation.

A source said some GPF executives had invested in stocks the fund owned or later purchased, albeit with proper filing.

Executives also purchased stocks that were blacklisted by the Securities and Exchange Commission but so far have not been reprimanded or otherwise punished.

The GPF yesterday promptly issued a statement to refute the claim of the Office of the Public Sector Anti-Corruption Commission. It said the GPF has followed investment guidelines with transparency.

It also said the Office of the Public Sector Anti-Corruption Commission has not officially stepped in to conduct any investigation into the investment records of the GPF. Moreover, the board of the GPF also feels doubtful over the oversight authority of the commission, which has not been officially appointed to do the investigation.