Brokers' association wants stricter rules for share transfers

The call came after fraud was suspected in the transfer of about Bt300 million worth of late construction tycoon Chuwong Saetang’s shares. The billionaire was killed in a car crash under suspicious circumstances in late June.

His family has been pushing for closer investigation into the businessman’s death, which came just days after he allegedly transferred the shares to two women, who claim they were intimately involved with him. 

Pattera Dilokrungthirapop, chairwoman of the Association of Thai Securities Companies, told Nation TV Friday that the brokers’ group wanted to see some changes to the current regulations.

She said that only customers with legitimate accounts should be allowed to transfer their shares through brokerage companies, and the transfer of shares to anybody other than the shareholder’s legal spouse or child should be prohibited. Evidence of family relationships should also be required along with the request for share transfers, she said.

Pattera acknowledged that existing regulations were already strict, with every transfer signature being examined by two brokerage officials and the transfer being confirmed on telephone with the account holder. However, judging from the suspicions surrounding Chuwong’s case, “there are still risks that could lead to problems”, she warned.