DSI summons SEC, SET officials over Solution Corner
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The Department of Special Investigation has summoned officials from the Securities and Exchange Commission and the Stock Exchange of Thailand to give statements in relation to stock price manipulation allegations levelled against prominent businessman Cha
The SEC has alleged that Bunnag and the eight others manipulated software and IT solutions provider Solution Corner (1988) Plc’s share price on the Market for Alternative Investment in 2010.
DSI deputy chief Lt-Colonel Wannapong Kacharak yesterday said he had summoned the officials after the agencies filed a complaint with the DSI in September last year.
The agencies alleged they found irregularities in the trading of Solution Corner stock between March 31 to April 29 in 2010, with the suspected transactions constituting 55 per cent of the total Solution Corner stocks traded during that period.
They said the trading by Chai and the eight other shareholders raised the company’s price from Bt6.10 on March 30 to Bt7.20 on April 29 – an 18-per-cent increase.
Over the same period, the MAI Index dropped 3.3 per cent.
The SEC and SET claimed the volume of trading during the 18 working days of suspected manipulation compared to the 30 working days prior increased from 660,000 to 2.2 million shares – a 239-per-cent spike.
The only explanation for the price hike was manipulation, they alleged.
