SEC: No action on alleged financiers

The Securities and Exchange Commission will not at this time seek clarification from the two listed firms alleged to be among the 61 funders of the anti-government rallies, SEC chairman Sathit Limpongpan said on Thursday.

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He was responding to a report that the Centre for Maintaining Peace and Order (CMPO) would soon announce the names of 61 alleged financial supporters of the People’s Democratic Reform Committee (PDRC).

Many of the alleged supporters have been named in unconfirmed news reports.

Of the total, two were reported in news stories to be companies listed on the Stock Exchange of Thailand (SET).

The CMPO has not yet made any official announcement and therefore it is not necessary for the SEC to investigate the reported allegations against the companies, Mr Sathit said.

He personally thought the two firms should themselves issue explanations to their shareholders.

The SEC chief hoped there will soon be a new government which will mobilise the economy and restore investor confidence.

The ongoing political turbulence is affecting the economy and had resulted in a slowdown in investment in the capital market.

However, the country’s strong economic fundamentals and the improving performance of listed companies would help boost the stock market once the political situation returns to normal, he added.

Mr Sathit said he is concerned that if the formation of a new government is delayed, it would affect budget disbursements, especially public works spending.

He said the government’s planned investment in infrastructure development projects, which would also boost private investment, was a key factor in mobilising the economy.

The caretaker government should also quickly ask the Election Commission for approval for the appointment of the new investment promotion commission, to prevent any impact on approval of applications for investment privileges by both Thai and foreign investors, he said.

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