Bangkok: Korn Chatikavanij, a Democrat Party MP, raised a pressing question in parliament concerning the Ministry of Finance's inaction towards companies accused of shady dealings within Bangchak Corporation. During a session chaired by House Speaker Sophon Saram, Korn questioned Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapha about the alleged illicit entry of a shady investment group into Bangchak's market, which had led to controversial nominations to the company's board of directors starting in 2025.
According to Thai News Agency, the Anti-Money Laundering Office (AMLO) has accused the investment group, allegedly linked to the Ben Smith shady investment group, triggering asset seizures and prompting several foreign companies to boycott transactions with Bangchak. Korn highlighted that despite Bangchak's management efforts to amend company regulations to prevent such groups from appointing directors, the lack of sufficient votes at a shareholders' meeting thwarted these efforts. He accused the Ministry of Finance and the Securities and Exchange Commission (SEC) of failing to intervene, thus disgracing the Thai stock market.
Mr. Korn further criticized the SEC for its silence and lack of action, especially considering the substantial influence of shady capital groups in the Thai capital market. He pointed out the case of Finansia Securities, where suspicious activities involving the Ben Smith CAI fund were noted, including the manipulation of share prices to avoid a public tender offer. Korn argued that the Ministry of Finance, as the SEC's supervisory body, holds responsibility for addressing these issues and questioned how the government plans to tackle the growing influence of shady capital.
Responding to these allegations, Mr. Ekniti emphasized the independence of the SEC while acknowledging his role in providing policy directives, particularly for Bangchak Corporation, where the Ministry holds a significant stake. He assured that regulations have been approved to prevent individuals from companies involved in illegal activities from being appointed to key positions. He insisted on his commitment to good governance and transparency, emphasizing that independent board members representing the Ministry are tasked with addressing and replacing representatives from problem companies.
Mr. Ekniti also addressed concerns about the SEC Chairman's alleged links to illicit funds, stating that he has instructed the SEC Secretary and the Permanent Secretary of the Ministry of Finance to conduct a thorough investigation. If the Chairman is found guilty, appropriate actions will be taken. He reiterated his collaboration with the Ministry of Justice to ensure adherence to the law and to protect minority shareholders' interests.