Two arrested over fall in SET prices

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Two arrested over fall in SET prices

Rumours 'damaged national security'

Published: 2/11/2009 at 12:00 AM
Newspaper section: News

Two people from the securities industry have been arrested on suspicion of spreading rumours that caused a sharp drop in the stock market last month.

Thiranant Wipuchanin, 43, a former executive director of UBS Securities (Thailand), right, is escorted by Central Investigation Bureau deputy chief Panya Mamen after arriving at Suvarnabhumi airport yesterday.

A police source said police were also keeping an eye on a third suspect, thought to be a nurse, and could make another arrest soon.

Thiranant Wipuchanin, 43, was arrested at Suvarnabhumi airport yesterday after returning from a trip to Vienna.

She was charged with violating Article 14 of the 2007 Computer Offence Act, covering the posting of false information which causes damage to national security and alarms the public.

The rumour about the state of His Majesty the King's health caused the stock market to plunge 7% during trading on Oct 14 and 15.

Ms Thiranant, a former executive director of UBS Securities (Thailand) who resigned from the company in October last year, told police she merely translated information from a foreign news website and posted it on a local website.

She said stock market prices fell sharply on the day and she thought the public might have wanted to know why.

She had no intention to spread the information to cause a fall in the stock market.

Ms Thiranant posted the information at website http://www.prachatai .com. She was detained at the airport's tourist police division for about an hour and later taken for questioning to the Hi-Tech Crime Division under the Central Investigation Bureau.

Her notebook computer, digital camera, memory card and a mobile phone were seized as evidence.

Police also searched Ms Thiranant's house in Soi Suea Yai Uthis on Ratchadaphisek Road and examined a computer at the house.

Police yesterday also arrested Katha Pajajiriyapong, 37, an employee of Seamico Securities on Silom Road.

Mr Katha was detained for questioning at the Hi-Tech Crime Division. He also has been charged with violating the computer act.

Police searched Mr Katha's house and found evidence suggesting he had posted similar information at the http://www.sameskybooks.org website.

Both websites are known to present articles seen to be offensive to the monarchy.

Central Investigation Bureau chief Tha-ngai Prasajaksatru said securities regulators would look into whether the two were involved in manipulating the share market.

His Majesty was admitted to Siriraj Hospital in mid-September for treatment for an inflammation of the lungs.

The rumours began to ease after the Royal Household Bureau announced the King's health was improving.

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: Writer: Post Reporters; Position: Reporters

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Ironic

Discussion 11 : 02/11/2009 at 07:50 PM11
This case has some very interesting overtones. An earlier story states “A police source said police were also keeping an eye on a third suspect, thought to be a nurse, and could make another arrest soon”

There are two ways to look at this. The first is that the “nurse” being watched is a euphemism (like a very rich person who no longer lives in Thailand and had the initials TS) for a powerful woman who has responsibility for enforcement of computer crime laws and happens to have had former career as a nurse. In which case it would be very ironic indeed, given that the alleged person could be charged with violating the very same laws she is responsible for upholding.

The second way to look at this is that they are keeping an eye on just a nurse. But why this particular nurse. What did she do and what does she know? I've been to the SET and some of the brokerage houses in Bangkok and I can't remembers ever seeing an angle in white taking a particular interest in the bourse. Enquiring minds want to know.
This Gusted

Discussion 10 : 02/11/2009 at 03:24 PM10
I think John in BKK, discussion 1, has misread today's charts.
Rodent

Discussion 9 : 02/11/2009 at 02:40 PM9
Dis 7 - she post something, that is what break the law, according to article 14 of the Information Technology Security act, (not a direct quote since Thais language that using in writing a law is usually has a very vague meaning) It is unlawful to post lie, misinformation, interpretation that deem as a threat to the nation securities, its people, or institution. The catch is "that deem as a threat" how do you decide which news is a threat which is not is up in the air for people interpretation. ASTVmanager spread lies daily but they dont get charge but someone translating a news from Bloomberg got arrest from spreading "lies".
live dutch

Discussion 8 : 02/11/2009 at 12:38 PM8
When you compare the dates and times the news was released here first and then the ultimate release on the AP site it came from Thailand first and the translation went the other way from Thai to English. Agreed if she can afford to gallivant around Europe why was she not behind a VPN or Hiding her IP - This is just a powerful person of dark influence and nothing will happen this Thai Justice - it will all be forgotten about in a few weeks. Next please.
GRASSROOT

Discussion 7 : 02/11/2009 at 12:23 PM7
She posted at 18.09 (0ct 14,2009) afer the share had slumped. I wonder what she posted on the local website infringed any law, I didn't think so.
johnny in USA

Discussion 6 : 02/11/2009 at 11:53 AM6
amazing people still don't protect themselves when posting online. if they don't know your IP, they can't catch you. someone that can afford a Euro trip should be able to pay for a VPN.
KV

Discussion 5 : 02/11/2009 at 11:13 AM5
Just on going unlawlessness of Thailand. For translating back from English to Thai information that was first provided by the RHB in Thai and English, as explanation for Thai audiences what was reported in foreigner press as reason for the stock price drop.

This case has no merit and should be able to be dismissed in no time.
BKK observer

Discussion 4 : 02/11/2009 at 10:06 AM4
What a surprise! The accused posted on the two most-harassed news websites in the country: Prachatai and Same Sky.
chavalit

Discussion 3 : 02/11/2009 at 09:46 AM3
What happened to the high net worth investors who were supposed to also have spread rumours? Those who sold their shares first before the crash?

Seems like they can only get you if you put it in writing. These two are only scape goats.
Charlie

Discussion 2 : 02/11/2009 at 08:00 AM2
Public shaming can be a strong deterrent.

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Two arrested over fall in SET prices