SEC testifies about SC Asset

CRIME

The Securities and Exchange Commission assistant secretary-general said her testimony regarding the SC Asset Corporation case has nothing to do with another case concerning the ownership of Ample Rich Investment and Shin Corp share transactions.

Waratchaya Srimachan said her testimony before the court on Thursday concerned the alleged concealment of the SC Asset shareholding structure and the ownership structure of Win Mark Co, which is registered in the British Virgin Islands.

Ousted prime minister Thaksin Shinawatra is on trial for abusing his authority while in office with regards to the 76.63 billion baht assets he gained by selling his Shin Corp shares to Singapore-based Temasek Holdings.

In its investigation of SC Asset Corp, the SEC found that Thaksin and his former wife Khunying Potjaman na Pombejra sold SC Asset shares to Win Mark, a company which the SEC alleges they also owned.

Ms Waratchaya said evidence includes the source of money, the shareholding structure of Win Mark, the company's management power, and the SEC's investigation of bank information.

As Win Mark held shares in Shin Corp, the SEC was called by the court to present the evidence it found while investigating the other case.

"It [the information about Win Mark] had nothing to do with the ownership of the Shin Corp transaction case," Ms Waratchaya said.

The SC Asset case has been closed and the SEC's duty concerning the case had ended, she said.

Last year, the Office of the Attorney-General (OAG) decided not to indict Thaksin and Khunying Potjaman over the SC Asset shareholding case.

Thaksin and Khunying Potjaman were accused by the Department of Special Investigation of failing to inform the SEC of a large transaction of SC Asset stock.

The OAG said Thaksin and his former wife were not obliged to inform the SEC over changes in the shareholding structure of SC Asset Corp.