Outcry over appropriateness of top securities regulator taking personal role in stakeholder dispute within listed company.
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Besieged Vijit quits SEC helm, Staff in uproar over role in TTA shareholder fight by Nuntawun Polkuamdee & Parista Yuthamanop
Vijit Supinit has resigned as chairman of the Securities and Exchange Commission after facing fierce opposition from his staff over the past week for alleged conflict of interest.
The head of the stock market's watchdog yesterday bowed to demands from more than 300 SEC officials who wore black to pressure the 69-year-old to vacate his post over questions about his role in a shareholder battle at listed shipping company, Thoresen Thai Agencies...
...Last week, a group of investors claiming a 30% shareholding in TTA announced its intention to push for a change in directors and senior management at the shipping firm. TTA's management said the investors included Bee Taechaubol, a former executive of Country Group Securities, Weera Manakongtreecheep, a former president of defunct Sitca Finance and Securities and Mr Vijit. The shareholder battle sparked an outcry over the appropriateness of the country's top securities regulator taking a personal role in a stakeholder dispute within a listed company.
Mr Bee yesterday denied any connection with the investor group and said he held only 100 shares in the company. He said Mr Vijit had acted mainly as a go-between to arrange a meeting between TTA shareholders and management. It is still not clear whether Mr Vijit owns TTA shares.
Finance Minister Korn Chatikavanij ... said the case had eroded public confidence in the capital market.
.... the Somchai Wongsawat government... appointed Mr Vijit as SEC chairman in 2008
Mr Thirachai said he was not surprised by Mr Vijit's resignation...
...Mr Vijit is no stranger to controversy. A career central banker, Mr Vijit resigned as governor of the Bank of Thailand in 1996 amid allegations of misconduct over the regulator's handling of the collapsed Bangkok Bank of Commerce. Ethical questions also surrounded his term after it was found that he had accepted shares in a finance company due to list on the exchange and had played a role in a wire-tapping investigation by the National Intelligence Agency of Ekamol Khiriwat.
In 2003, Mr Vijit was cleared of any wrongdoing and appointed by the Thaksin Shinawatra government as chairman of the SET, a post he held until 2007...
...SEC directors are not expressly prohibited from investing in listed companies, but are required to disclose transactions and shareholdings to the commission. SEC staff, who are privy to market-sensitive information, are restricted from investing in listed firms.
Tipsuda Thavaramara, an SEC assistant secretary-general, said prohibiting directors from holding shares in local companies could exclude many qualified, experienced people from serving on the commission board...
(Source: Bangkok Post, Besieged Vijit quits SEC helm, Staff in uproar over role in TTA shareholder fight, 3/06/2011, Nuntawun Polkuamdee & Parista Yuthamanop, link)
alleged - claimed to be true although not yet proven ที่ถูกกล่าวหา
conflict of interest - a situation in which a public official's decisions are influenced by the official's personal interests, the entanglement of an individual's private interests with professional obligations with the possibility of corruption (See Wikipedia and Google Definitions)
Securities and Exchange Commission (SEC) - the government agency that oversees the trading of stocks on the stock market (and other securities such as bonds) (See Wikipedia on the US government vedrion of the agency)
resign (verb) - when a person says they are leaving will be leaving their job (position in company or government), make a formal announcement that you will be leaving (resignations are often not accepted by higher level managers and officials)
resignation (noun) - a formal statement that you are planning to leave your job or position on a certain date; the act of leaving a job permanently ลาออกจากตำแหน่ง
at the helm - to be officially in control of an organisation or company มีตำแหน่งผู้ควบคุม (the helm is the place where a large ship is steered, "at the helm" means you are steering the ship)
uproar - angry public criticism of something ความวุ่นวาย
role - the function, position in a situation, organisation, society or relationship บทบาท
fierce - very intense and very aggressive
opposition - strong disagreement with a plan or policy ความขัดแย้ง
staff - workers, employees พนักงาน
watchdog - an organisation that oversees and makes sure that everyone plays by the rules, prevents people from doing illegal things (See glossary) กลุ่มจับตาประชาธิปไตย a dog trained to protect a place สุนัขเฝ้าบ้าน
demands - the things that someone is asking you to do
bow to demands - finally do what people want you to do (here resign), even though you do not want to do this
pressure - trying to force someone to do something
vacate - to leave a place ออกจาก, ออกไปจาก, ย้ายออก
post - a position or job within a company or other organization
vacate his post - leave his position or job within the organization or company
shipping - the transport of goods especially on ships
listed company - a company whose stock shares are publicly traded on a stock exchange
shareholding - owning the stock shares of a company
intention - a plan in your mind to do something ความตั้งใจ เจตนา แผนการ
push for a change - make efforts to cause some change to happen, work hard to make a change happen
directors - board of directors, the group that meets regularly and makes the highest level policy for the company
defunct - no longer existing, operating or being used ถูกยุบ, หยุดทำงาน หมดสภาพ
outcry - a strong expression of anger and disapproval about something, made by a group of people or by the public การคัดค้านอย่างรุนแรง
appropriateness - whether something is suitable or right for a particular situation or occasion ความเหมาะสม, ความสมควร
regulator - an official who makes certain that the companies who operate a system work effectively and fairly ผู้มีอำนาจควบคุม
take a personal role in - working on behalf of yourself (instead of working on behalf of the organization, to avoid a conflict of interest)
work on behalf of yourself - doing something for yourself
work on behalf of the organization - doing something for the organization
stakeholder - a person or group that is involved in and can be affected by the decisions of a company or organization (much broader than "shareholders" and a key idea in "corporate governance" , can include directors, employees, shareholders, customers, the people who live in the local neighborhood, the environment, as well as society in general) (See Wikipedia)
dispute - an argument or serious disagreement; a conflict ข้อพิพาท, ข้อโต้แย้ง, การโต้เถียง, ความขัดแย้ง
listed company - a company whose stock shares are publicly traded on the stock exchange (which means the company has to follow certain regulations and make information available to everyone not just company insiders)
denied - said it was not true
investor - a person or organisation that puts money into a company in exchange for a future profit นักลงทุน
go-between - a person who "goes between" two people or sides having difficulty communicating or negotiating, and helps them, also called an "intermediary" or "arbitrator"
confidence - the quality of being certain ความมั่นใจ
capital - money invested in a business (See glossary)
appointed - given a certain position within an organization
controversy - a big disagreement, especially about a public policy or a moral issue that a lot of people have strong feelings about ความขัดแย้ง, ประเด็นข้อขัดแย้ง
no stranger to controversy - has been involved in controveries in the past (related to possible corruption)
central bank - the Bank of Thailand, the main bank in a country that controls the overall supply of loans and money in the economy by changing a "policy interest rate" that it uses to lend money to banks, the goal of this "monetary policy" is to keep the overall level of prices in the economy from increasing too quickly (low inflation)
central banker - a person who holds a high level position in the central bank
career - the series of related jobs that you spend your work life doing (especially if the job is a profession) (See Wikipedia)
allegations - accusations, statements that someone had done something wrong or illegal even though this has not been proved ข้อกล่าวหา
misconduct - unacceptable or bad behaviour by someone in a position of authority or responsibility การประพฤติผิด
collapsed - fall down suddenly ล้ม ทิ้งตัวลง (here: a business failure)
term - a period of time a politician, government or other official holds their job ช่วงเวลาการดำรงตำแหน่งหรืออำนาจ
questions also surrounded his term - people believe he may had done bad things and broken the law (but do not have the evidence necessary to prove it)
finance - to provide money for something จัดหาเงินทุนให้
finance company - a company that offers loans like a bank but is not regulated like a bank
wire-tapping - secretly listening to telephone conversations using electronic devices, used by the police in investigations (See Wikipedia)
investigation - the process of trying to find out all the details or facts about something in order to discover who or what caused it or how it happened การตรวจสอบหาข้อเท็จจริง
wrongdoing - behaviour that is illegal or immoral
cleared of any wrongdoing
expressly - in a way that is clear and definite อย่างชัดแจ้ง
not expressly prohibited - the rules don't say exactly that they cannot do this (but "common sense" or the "spirit of the law" or rules may tell you not to do it)
disclose - to give information to people, especially information that was secret เปิดเผยต่อสาธารณะ
disclose transactions and shareholdings - making the things that you buy and sell and the stocks shares that you own, available to the public as information (so they know for sure that you are not being corrupt)
sensitive - easily influenced, changed or damaged by even small changes รับอิทธิ-พลภายนอกได้ง่าย ที่ละเอียดอ่อน
X privy to Y - X knows about Y (which is kind of a secret that few people know about)
privy to market-sensitive information - know some information that couldaffect stock prices and be used to make a profit (insider information)
restricted - limited or controlled ซึ่งถูกยับยั้ง, ซึ่งถูกควบคุม
local - in this country (here: Thailand)
exclude - to intentionally not include something แยกออกไป
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