Finance minister denies opposition’s allegation on stock manipulation

BANGKOK, June 17 (TNA) – Finance Minister Korn Chatikavanij on Wednesday denied the opposition party’s indirect accusation he was manipulating Thaicom stock, saying he had never been involved with such illegal activity.

Thailand’s opposition Pue Thai Party recently allegated that persons with first names beginning with an initial “Kor” and “Sor” had played a key role in releasing rumours that the Thai government planned to buy back Thaicom Pcl shares from Singapore-based Temasek Holdings with an aim to manipulate the company’s stock prices.

In Thai public life–politics, business and the media–frequent use is made of such innuendo, a practice which discourages honest communication.

Mr Korn said the Stock Exchange of Thailand (SET) and the Securities and Exchange Commission (SEC) had a duty to check activities aimed at manipulating stocks in the market.

They would be allowed to perform their duties completely, he said, affirming that he had never been implicated in stock manipulation.

“I admit I traveled to Singapore on April 12 to negotiate with Temasek on April 12. On that day, the Thaicom stock price moved in a narrow range of 5-5.50 baht per share with a trading value of Bt31 million.

“Until June 11, its price edged up and surged by 29 per cent to 7.20 baht with a trading value of Bt825 million on June 14 upon news reports that the government was mulling buying back the stocks,” Mr Korn said. “So, it can be proven that I had never been involved in stock pricing.”

Mr Korn advised the opposition party to give up citing newspaper reports as grounds to defame any persons.

“The party should give up using an initial of the persons’ first name to make an accusation. Instead, it should tell the public of the full name if it is sincere so that people are not bored with its behavior,” he said.

The term ‘boring’ has a stronger meaning in Thai than in English, and can include a stong sense of distaste. (TNA)