Stock manipulation probes faster now, DSI agent says
The Department of Special Investigation, the Securities and Exchange Commission and the Stock Exchange are now working together with shorter process to investigate stock manipulation and other market-related cases, Senior DSI investigator Police Lt Wannap
“We won’t wait (for the settlement with alleged people before further investigation) because if we wait, the witnesses and evidences will be hard to find. Record of telephone use, for example, will be kept by the operator for only three months. But if we join hands investigating from the beginning, we might tap the phone as allowed by law. Moreover, we can send people in disguise to collect information in agencies,” he said.
In the past, the SET would alert the SEC once irregularities were noticed. After analysing the information and finding enough ground, it would report to the SEC again then the DSI would be requested to investigate. In settlement, if the SEC decided to file allegations and the wrongdoers conceded to the wrong doing, they could pay a fine calculated in relation to benefits gained.
“Some people agree to pay a Bt50 million fine. It’s an easy way out – they can assign someone to pay the fine. But that’s too easy. People are not afraid to commit the crime again,” he said.
The SEC last week filed a criminal complaint with the DSI against 13 individuals, led by Shine Bunnag, for alleged manipulation of share prices of Mida Leasing in 2008 and 2010, and Max Metal Corp in 2010.
Wannaphong said knowledgeable people would have planned well before manipulating stocks and would not concede to committing crime. However, any crime leaves some traces, and the DSI has enough good people including specialists to investigate.
But it takes time to investigate, he said. There were many details it was compiling, plus a volume of documents submitted by the SEC. More interviews of witnesses would be needed, requiring more time for the entire process. He intends to complete first report of Shine’s case within two months, he said.
Since the DSI was set up in 2004, its finance and banking department has received over 90 complaints and finished over 60. Most of them were backed by the attorney-general and sent to court, he said. Some 13 matters related to finance were filed to the DSI last year. Now, it has 20 cases in this category under review. Among the unfinished cases, a few were very difficult and required information from abroad, he said.
