The Securities and Exchange Commission (SEC) is considering reviewing its shareholder disclosure framework to strengthen investor confidence and avoid a repeat of the recent incorrect self-declared reporting that involved True Corporation.Anek Yooyuen, deputy secretary-general and spokesman for the SEC, said the regulator is in the final stages of gathering and assessing evidence following a joint fact-finding process with the Economic Crime Suppression Division (ECD) of the Royal Thai Police regarding an individual who appeared in SEC filings as the reported owner of a 7% stake in True.
True executives said they were unaware of Supaporn Phimpong being a shareholder in the telecom company.
She also filed reports claiming substantial stakes in other blue-chip companies, including Bangkok Bank, Kasikornbank, Major Cineplex, Asia Aviation and G J Steel.
The case garnered significant attention from investors because the disclosure was publicly released through the SEC's reporting system despite questions over whether the filer was legally entitled to report the shareholding.
According to Mr Anek, the SEC and ECD questioned Ms Supaporn on July 10 as part of the investigation. Interview information is being analysed to determine whether securities laws were violated.
