EC seeks disqualification of Deputy Finance Minister for alleged shareholding

BANGKOK, 2 December 2009 (NNT) – The Election Commission (EC) resolved to ask the court to disqualify Deputy Finance Minister Pruttichai Damrongrat for holding more than 5% of company shares as prohibited by the Constitution.
B Suthipol Thaweechaikarn, EC secretary-general, told the press that the EC commissioners decided by the majority vote to take legal action against the deputy finance minister after being found guilty of breaching the Constitution by owning shares in two firms exceeding 5% in the companies.

According to the EC, the embattled minister held 200 out of the 2,000 shares, or 20%, in Krua Raspberry Co,.Ltd and 450,000 shares or 11.25% of the 4 million shares of Eastern Dragon Co,.Ltd. His shareholdings in the two firms are higher than the 5% limit, as stipulated in the Cabinet Members’ Shares Management Act.

The deputy finance minister is also charged with intentional asset concealment as he failed to submit reports on his financial statements to the National Anti-Corruption Commission (NACC) Chairman within 30 days since the date of appointment as a cabinet minister.

The EC will then present the case to the Constitutional Court for final ruling.

According to the Section 182 (7) Constitution, the Prime Minister and cabinet ministers are prohibited from holding shares more than 5% of the total in the companies. They are liable to lose his cabinet post if found guilty.