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SEC statement defends actions subject to lawsuit

Nov 30. 2017
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By The Nation

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With reference to the lawsuit filed against the Securities and Exchange Commission of Thailand (SEC) Secretary-General by Chayant Akaratit as has appeared in the news, a news release on Thursday by the SEC said.

The Exchange “would like to reaffirm that its action has been taken strictly in accordance with the scope of power and duties provided by the Securities Law, and that the evidentiary documentation has been carefully and impartially taken into serious consideration.

“In addition, the SEC gave Chayant the full opportunity to clarify his case. It should also be noted that the sanction consideration process is under the Committee’s authority and beyond control of any single person. In any case, the whole process is based on the principles of integrity, transparency and fairness.

“In this case, Chayant filed an appeal against the SEC order, leading to a review of the consideration according to the process administered by the Appeal Sub-committee, which consisted of third-party, impartial experts. The SEC Board then considered the appeal and viewed that the SEC's action has been lawful.

“In this regard, if the Court requires an investigation on the cause of action, the SEC Office shall fully participate in the process to provide proof regarding the dispute.”

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