Prime rumour-profiteer 'is in Singapore'

Published: 3/11/2009 at 02:21 PM
Online news: Breakingnews

The person who started spreading the rumour that caused the stock market to plunge last month is living in Singapore, UK-based Oriental Mart Group chief executive officer Ekkeyuth Anchanbutr said on Tuesday.

The unsubstantiated rumour about the state of the His Majesty the King's health caused the Stock Exchange of Thailand (SET) index to tumble seven per cent during trading on Oct 14 and 15.

Mr Ekkeyuth said the two people already accused of posting the rumours on the internet were not the main culprits.

The prime offender was in the Singapore market and was the same person who sold a large parcel of shares before Oct 14, and then bought them back when the Thai bourse plunged, he said.

He suggested the government should check all the transaction documents from the SET.

"The people who gained the benefits from this are people from both the old political clique and the current government. They probably profited by at least four or five billion baht," Mr Ekkeyuth said.

He also suspected that certain government officials did not immediately reject the rumour when it began to spread, because they also wanted to reap profits during trading.

About the author

: Writer: Online Reporters; Position: Online Reporters

Keep this article in your social bookmark:

Latest stories in this category:

Share your thoughts

For more candid, lengthy, conversational and open discussion between one another, use our Forum

Report objectionable comments click here. Include: discussion #, commenter name, comment date / time as it looks on the page. Example: discussion 15: 09/01/2009 at 10:00 AM.

syed

Discussion 4 : 04/11/2009 at 10:27 AM4
It is in Singapore's interest to see the regional markets and countries in turmoil.
Singapore is a financial capital with hundreds of hedge funds and merchants banks plus private banks having their offices there.
These entities earn their money from volatility. Hence Rupiah is always under attack and only stabilised recently.
Only way to stop this is to from a regional currency, with Indonesia, Thailand and Malaysia, or have these three countries peg their currencies to one another, after forming a consensus on making the currency stable and inflation low.
ricefieldradio

Discussion 3 : 04/11/2009 at 12:13 AM3
It's those darn Singaporeans again attacking Thailand. Perhaps we should picket their Embassy again...LOL

If the stock market crashes it's the stock market's fault for not having adequate safeguards in place.

Everyone in the country was worried about HM health and everyone was talking about it. You cannot put the clamp on the country being concerned about the King. Fix the problem at the stock exchange don't hamper the citizens right to discuss it.
GMG

Discussion 2 : 03/11/2009 at 11:57 PM2
Hmmm, why am I not suprised at who, allegedly, is behind the rumors?
thai1932

Discussion 1 : 03/11/2009 at 03:39 PM1
This episode has showed the world how loosely the Stock Exchange of Thailand(SET) market regulator runs the business. Since the Big crisis, not much has been improved to protect any attack from hedge funds to just rumour, telling us NO Future for the SET.

When we will ever learn to develop a sound system prior to any operation? And not this loose cannon approach, allowing the fox to watch the coop.

Prime rumour-profiteer 'is in Singapore'