Justice is done, the precedent set for more
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I commend the Securities and Exchange Commission under Secretary General Rapee Sucharitakul for going after wrongdoers without fear or favour. Their even-handed application of rule of law is indeed refreshing and commendable, and helps restore investor co
In December the SEC fined four top execs of CP All, including executive chairman Korsak Chairasmisak, for insider trading. This month, for the same offence, it banned Chai Sophonpanich, chairman of Bangkok Insurance, from serving as a director at Bangkok Life Assurance for three years. The SEC also fined WHA Corp chairman Somyos Anantaprayoon for leaking confidential information to the media, and fined Wiboon Suriyawanakul of Siam Global House for insider trading.
Such decisive, transparent action against the high and the mighty is virtually unheard of in Thailand, and is clear testimony to the moral courage of the SEC staff, executives and board. As Douglas MacArthur said, “The world is in a constant conspiracy against the brave. It’s the age-old struggle – the roar of the crowd on one side and the voice of your conscience on the other.”
Other state regulators should look to the SEC as a role model. For example, Vorayudh Yoovidhaya, Red Bull heir, admitted to driving his Ferrari into a cop’s motorcycle after a night out, killing the cop. Almost four years later, why hasn’t he been brought to trial? Do PM Prayut Chan-o-cha and police chief Somyot Poompan-muang have the moral courage needed to take on the Red Bull?
Burin Kantabutra
