Finance Minister Korn Chatikavanij yesterday took up the "challenge" to testify on the Thaicom stock scandal to the House Committee on Finance, Fiscal Affairs and Banking, following suspicion of insider trading.
"I'm pleased to explain the facts. The invitation could be called a challenge. I urge all media to observe the hearing," he said.
He also urged the committee to ask Pheu Thai Party MPs to prove their allegations of share manipulation.
Thaicom's stock soared 31 per cent over two days of trading after the government's inclination to take over the company's satellite business for national security reasons was leaked to the press.
"In the letter of reply [to the House committee], I also said that if they are determined to find the truth, they should invite Pheu Thai [spokesman] Prompong Noparit and MP Prakiart Nasimma to the session.
"Both said they have clear evidence of who were behind the share manipulation and also calculated that these persons profited by as much as Bt300 million from the manipulation. I also wish to know that.
"If they did not intend to just cause a commotion or discredit politicians from other parties, the two persons should be invited to join the hearing. The SEC and the SET still have no idea about this," he said.
Representatives from the Securities and Exchange Commis-sion (SEC) will accompany him to the hearing. The SEC said it would be awhile before it could find if Thaicom was subjected to insider trading or share manipulation, which is in violation of securities laws.
Charuphan Intararoong, director for the Corporate Affairs Department, said the investigation would be based on data submitted by the Stock Exchange of Thailand (SET) following the sharp rise in the share price of Thaicom on June 14 as well as the huge volume on that day.
Then, the watchdog will launch an in-depth probe to find the "insiders" who may have abused confidential information for personal gain.
The SEC has also sent a letter to Korn asking for more information on the government's move to buy back Thaicom's satellite business. For example, who had the information on his discussion with Singapore's Temasek Holdings as well as the names of those accompanying him on the trip to the city-state.
"We're gathering records for the in-depth investigation. We have an overall picture of those who traded in the company's shares. There are a number of investors. Still, this will take time, as we have to pinpoint all those connected. The information is complicated, as some may have traded via those with unfamiliar names," she said.
After skyrocketing to Bt7.20 on June 15, Thaicom yesterday lost Bt0.35 to Bt5.90, though the SET Index advanced to end above the 800-point level. Turnover also plunged to Bt31.8 million, from over Bt800 million on June 14 and Bt1.3 billion on June 15.