Thailand’s stock exchange downplays insider probe of Shin Corp trades

BANGKOK - The Stock Exchange of Thailand (SET) Wednesday downplayed a probe over possible insider trading in telecom giant Shin Corp, saying the investigation is part of its standard procedures.

“We have started an investigation into Shin Corp trading but this is not a special investigation. It is part of our standard practice,” an SET spokeswoman said.

“We check every trade. We conduct an insider investigation … regardless of the trading volume,” she said, adding that the SET had yet to reach a conclusion on deals made in Shin Corp in the run up to the sale of a major stake in the company controlled by Prime Minister Thaksin Shinawatra’s family.

On Monday, Thaksin’s family sold its 49.6 percent stake in Shin Corp for nearly 1.9 billion dollars to Singapore investment company Temasek and local investors.

Trading in Shin Corp was suspended most of Monday as the deal was announced but the sale had been talked about in the press for months beforehand.

Thaksin founded Shin Corp, which includes Thailand’s top mobile operator, Advanced Info Service (AIS), as well as satellites, media and aviation businesses but handed control of them to his family when be became premier in 2001.

He said he hoped the sale would end the constant allegations that he faced a conflict of interest between his policies and his corporate interests.

PCT Thailand

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