AEC Securities insists its procedure concerning the transfers of shares worth hundreds of millions of baht from the late billionaire Chuwong Sae Tang were in line with authorities' regulations.
Pisit Patumban, executive director and co-chief executive officer said yesterday that all procedures complied with regulations set by the Securities and Exchange Commission and Association of Thai Securities Companies.
"We did not do anything wrong and we believe Mr Chuwong knew about the share transfers but the general public have misunderstood what happened, which has affected the company's reputation," he said.
Chuwong was killed in a controversial road accident on June 26. His family found Chuwong's shares worth more than 260 million baht were transferred to two women before the accident. Most of the shares, worth about 228 million baht, went to model-cum-caddie Kanthana Siwathanapol, 26. The rest went to an account of Srithara Phromma, 52, the mother of a stock broker with AEC Securities, Uracha Wachirakulton, 26.
Angoon Phimphkorn, the company's director and executive director, said Chuwong opened a stock account with the company in November last year and Ms Uracha was employed by the firm in February this year. The company itself assigned her to take care of Chuwong's acount.
In May, Chuwong submitted documents via Ms Uracha requesting the transfer to the account of Ms Srithara. Ms Uracha forwarded the documents to the operating division which failed to contact Chuwong to reconfirm the move.
Chuwong contacted Ms Uracha next day and she transferred the line to the operating division. "Chuwong confirmed that he really wanted to transfer the shares to Ms Srithara and said Ms Srithara was his relaltive," said Mr Angoon. The company was never aware Ms Srithara was Ms Uracha's mother, he said.