Finance Minister Korn Chatikavanij yesterday attacked Pheu Thai MPs for rattling stock investors by blaming him for causing a runup in Thaicom stock that they said made insider traders about Bt500 million richer.
"The groundless accusation has damaged investor confidence in the capital market while the Stock Exchange of Thailand is sponsoring a road show to boost investor confidence," Korn said.
During his testimony to the House Committee on Finance, Fiscal Affairs and Banking, Korn said it was a pity that the Pheu Thai MPs just wanted to ruin his reputation by accusing him and MP Sirichoke Sopha of manipulating Thaicom's share price.
Korn told the panel that during the redshirt protest, Prime Minister Abhisit Vejjajiva assigned him to talk with Temasek Holdings, as Thaicom executives were not cooperating fully with the government.
Korn went to Singapore to meet with Temasek in mid-April, when he discussed the satellite business' impact on national security and the possibility of the Thai government buying it back.
A representative from the Securities and Exchange Commission also told the committee that the investigation to find out if the Thaicom stock was manipulated is underway.
At the session, Pheu Thai MP Prakiart Nasimma reiterated his view that the government had no real intention of regain¬ing control of Thaicom's satel¬lite business but had invented the entire story just to boost the stock price.
The feeler to acquire Temasek's stake in Thaicom was reported last week and drove Thaicom's stock price skywards by 31 per cent.
Pheu Thai MP Surapong Tovichakchaikul, chairman of the committee, said he had information from his party's economic team showing that manipulators made about Bt500 million from trading Thaicom shares between March and this month.
Inside traders bought shares in March when the price was about Bt4.66 and sold them when the average price was Bt7.66, he said.
Today, ICT Minister Chuti Krairiskh will brief Abhisit on details of the Thaicom concession.
Seen in photo: Finance Minister Korn Chatikavanij is explaining facts regarding the government's plan towards Thaicom Plc.