EC cites Article 265 of the Constitution to justify its decision on equity rules

"Article 265 directly prescribes the ban for MPs and senators from holding equity stakes linked to state concessions before and after assuming office," he said in reference to the Thursday's ruling.

Prapun said the majority made a strict legal interpretation of the ban while the dissenting opinion ruled for an acquital on the ground that equity stakes in question did not constitute the controlling interest.

He explained that according to the EC investigation, there were 14 listed companies linked to state concessions.

The investigation report excluded shares from Thai Airways International due to the fact that the national carrier has no monopoly on the market, he said.

He admitted about the intense debate on whether to penalise for equity violations which did not constitute the controlling interest. He said he sided with the minority to prescribe no punishment.

He said the National Anti Corruption Commission once explained the equity rules to lawmakers that they did not need to relinquish their stakes in such listed companies as PTT Plc, THAI Airways, and Bangkok Espressway.

The NACC said the retail transaction of the equity stakes could not be construed as having the control nor the influence over the business, he said.

He said he expected the EC ruling next week for 28 MPs would be based on the same legal interpretation as the decision on the 16 senators.