Anything & Everything About Thailand

[U-Need]

BANGKOK, Feb 23 (TNA) - Last Update : 2006-02-23 / 14:24:39 (GMT+7:00)

The Securities and Exchange Commission (SEC) has found Panthongtae Shinwatra, son of Prime Minister Thaksin, guilty of failure to report share trading and file trading forms, but ruled that his younger sister Pinthongta was innocent of the violation.

SEC Secretary-General Thirachai Phuvanatnaranubala said in a press conference Thursday morning that Mr. Panthongtae's failure was considered a breach of Articles 246 and 247 of the Securities and Exchange Act.

The premier's son is subject to a fine of Bt10,000 (US$250) per day retroactive to the date he began failing to report the stock transactions and file trading forms--but no more than Bt500,000 (US$12,500) totally--or an imprisonment of no more than two years.

He said the SEC committee in charge of considering fines and penalties would meet soon to deliberate the matter.

Mr. Thirachai said that the SEC found no wrongdoing regarding the establishment of Ample Rich Investments Co. in the tax-haven British Virgin Islands to hold Shin Corp shares and transfer them to Mr. Panthongtae and Ms. Pinthongta because such transactions had not been made to manipulate share prices.

Regarding alleged insider trading on the sale and purchase of Shin Corp shares from Ample Rich, he said the SEC considered holders of the shares--Panthongtae and Pinthongta-- to be both sellers and purchasers of the shares.

The transactions caused neither damage nor disadvantage to outsiders, he said, so it is not considered a breach of the insider trading code.

The SEC chief also dismissed an allegation that there are two companies named Ample Rich holding Shin Corp shares and located in different places, one a British Virgin Island nationality and another with British nationality.

On examination, Mr. Thirachai said, the SEC found there is only one Ample Rich, established in the British Virgin Islands, but the company has two different addresses for postal delivery purposes. (TNA)-E005

[U-Need]

BANGKOK, Feb 23 (TNA) - Last Update : 2006-02-23 / 12:15:14 (GMT+7:00)

Interior Minister Air Chief Marshal Kongsak Wanthana said here on Thursday that Thailand is prepared to revoke the Thai citizenship of 130 Muslim villagers from the southernmost province of Narathiwat who are detained in Malaysia and are reportedly unwilling to return home, but choose to hold the Malaysian citizenship instead.

Marshal Kongsak said he has not yet received confirmation from the Ministry of Foreign Affairs that the 130 Muslim villagers do not want to return home.

However, he said, if they choose to live in Malaysia, the Interior Ministry can revoke their citizenship and allow them to be Malaysian citizens.

Their decision will not affect confidence in Thailand's ability to solve the violence in the country's deep South, as there are still more than one million people living in the southern border provinces of Narathiwat, Pattani and Yala, the interior minister said.

A total of 131 Muslim villagers fled their homes in Narathiwat and crossed the border to Malaysia's northern Kelantan State on August 31 last year, citing fears for their safety.

One was later extradited to Thailand at the request of the Thai authorities, based on an arrest warrant for suspicion of involvement in the insurgency.

The rest were later moved to the Malaysian Terenganu State for further detention pending negotiations between the Thai and Malaysian authorities.

Meanwhile, the Interior Ministry launched a youth development programme to prevent young people in the southernmost provinces from being misled to join the insurgency.

Young people from eight districts in the violence-prone areas will participate in camping activities and field trips during the coming school holidays.

They will also have a chance to meet the Chularajamontri, Thailand's Muslim spiritual leader, and listen to his address.

The activities are aimed at encouraging teenagers to help develop their communities and to exchange their ideas in ending the southern unrest. (TNA)--E004, E002

[KatoeyLover69]

Report from Bangkok Post dated Friday 24 February 2006 :-

Phuket - Three Andaman coastal provinces have become popular locations for foreign film shoots, which brought in almost one billion baht in revenue last year. The number of foreign film productions in Krabi, Phangnga and Phuket provinces increased to 500 last year from 452 in 2004, said Thanittha Maneechote, director-general of the Tourism and Sports Ministry's Office of Tourism Development. The productions included documentaries, advertisements, music videos and films.

Japan made most film shoots in the Andaman provinces with about 170 productions last year, followed by India with 50. The rest were from the United States and other countries.

Last year, Thailand earned around 1.14 billion baht from foreign film shoots, about two billion baht from pre-production work and about six billion baht from post-production work.

The office will hold a meeting with relevant agencies in the next few months to map out plans to draw more foreign film-makers, said Ms Thanittha.

She said on-location pre-production and post-production facilities would also be promoted. Popular tourist destinations such as Koh Samui, Koh Phangan and Koh Samet would be advertised as film locations.

Film-makers from England and America are now using the Andaman areas in their tsunami-themed films. In January this year alone, foreign film shooting generated around 400 million baht for the country.

[KatoeyLover69]

Report from Bangkok Post dated Friday 24 February 2006 :-

End tipped for rapid bus scheme : Democrats worried support will suffer

The city's problem-plagued Bangkok Rapid Transit (BRT) scheme may be scrapped, according to a source at city hall. The source said Sukij Kongtoranin, secretary to Bangkok Governor Apirak Kosayodhin, did not believe city residents would leave their cars and hop on the BRT, an express commuter bus system initially planned for two routes - Rama III road and Navamin to Mor Chit.

It was feared that if the Bangkok Metropolitan Administration (BMA) pushed ahead with the scheme, the popularity of Mr Apirak and the Democrat party would be affected, the source said.

Mr Sukij had recently raised the matter with aides of Deputy Governor Samart Ratchapolsitte, who formerly took care of public works affairs.

The BRT service, a major policy platform of Mr Apirak, faces a number of hurdles. The launch, originally planned in October last year, has been postponed several times.

It is opposed by traffic police who fear that construction will cause traffic congestion.

Under the BRT, buses would run in the right lane of roads, alongside traffic islands.

The Highways Department, which supervises Navamin-Kaset road, is reluctant to have the BRT operating on the road, where an elevated expressway is planned.

The Interior Ministry recently wrote to the BMA, suggesting the scheme be suspended while the BMA is asking for a permit from the Bangkok Mass Transit Authority to run the service.

The source said Mr Sukij was pleased when told the 2.3-km extension line of the BTS skytrain from Sathon across the Chao Phraya river to Taksin Bridge would start in December. The extension was fully funded by city hall.

Meanwhile, City Clerk Nathanon Thavisin is upset over reports she was found at fault in the e-auction scandal involving 16 megaprojects worth over 20 billion baht. Khunying Nathanon gave a copy of newspaper clippings to each of the permanent secretaries taking part in yesterday's meeting with Prime Minister Thaksin Shinawatra at the BMA.

She said the report had tainted her reputation because the panel led by former national police chief Gen Pratin Santiprabhob had yet to release its findings. She said the prime minister sympathised, and told her he was in the same situation.

The reports said the Pratin panel found five senior city officials, including the city clerk at fault. There was no mention of names, just positions.

[KatoeyLover69]

Report from Bangkok Post dated Friday 24 February 2006 :-

Bus service to Pakse from Ubon opens

Ubon Ratchathani - A passenger bus service between Ubon Ratchathani and Pakse town in the southern Lao province of Champassak was inaugurated yesterday, making it the third route between the two countries. The 138km route is to be served by two transport companies, one Thai and the other Lao, each providing four trips daily. The fare is 200 baht for a one-way trip on board a 40-seat air-conditioned bus. Passengers must carry a border pass or passport.

Presiding over the service launch at the transport bus terminal in Chong Mek were Deputy Transport Minister Chainant Charoensiri and his Lao counterpart Sommat Phonsena, deputy transport, postal, and construction minister.

Gen Chainant said the two countries also planned to operate another bus route between Mukdahan province and Savannakhet province in Laos next year after completion of the second Thai-Lao Friendship Bridge.

The first two routes cover Udon Thani-Vientiane and Nong Khai-Vientiane.

Meanwhile, the Lao side has proposed the opening of another bus route - Chiang Rai-Chiang Khong-Huay Xai-Luang Nam Tha - which allows travellers to reach China and Vietnam by land.

Gen Chainant also said local authorities were working out ways to speed up border-crossing procedures. Currently, it takes about 40 minutes for a passenger to go through immigration procedures.

Monthien Chaiyasit, a reporter from Lao National Radio in Champassak, said Lao people were excited over the new bus service, as it would make transborder travel much easier. ''Formerly, it was difficult for Lao people to travel to Ubon Ratchathani. The new bus service will make it more convenient,'' he said.

[KatoeyLover69]

Report from Bangkok Post dated Friday 24 February 2006 :-

'Maem' set to return from US

Showbiz princess Kataleeya ''Maem'' McIntosh is set to return to Bangkok in mid-March from her hiatus in Michigan with her four-month-old son Siri ''Mac'' Krachangnate.

''We are very happy and very much in love. Maem is devoting everything to our son. She's a terrific mother,'' her partner Songkran Krachangnate told a press conference yesterday.

Mr Songkran said a wedding would follow in May but added that the details are not ready to be revealed yet.

The press conference was prompted after months of speculation and some of Miss Kataleeya's family photos being leaked and disseminated on the internet.

''We've been meaning to introduce our son to the public. Unfortunately, pictures which we don't know how got out have been circling the web,'' he said.

Following her pre-marital pregnancy admission on Sept 2 last year which stunned the public, Miss Kataleeya left the country to stay with her aunt in Michigan in the United States where she gave birth to a son.

There have been no formal statements from Miss Kataleeya and Mr Songkran until now.

Asked whether she will resume her show business career upon her return, her actor brother Willy said the ball is not in her court now.

''I don't think it's up to her. It's up to the public whether they want to see her working again,'' he said.

[KatoeyLover69]

Report from The Nation dated Friday 24 February 2006 :-

Thai execs stressed, take too few holidays - survey

Stress levels among business leaders around the world have risen by 50 per cent over last year, with those in Taiwan proving to be the most overwhelmed by work, according to the 2006 International Business Owners Survey by global business advisers Grant Thornton International.

The survey, involving more than 7,000 business owners in 30 countries, showed that 57 per cent of them are feeling higher levels of stress, compared with 39 per cent a year ago. Only 6 per cent feel their stress levels have gone down.

At the top of the charts for a second year were business owners in Taiwan, where a remarkable nine out of 10 respondents said they felt more stressed. Taiwan is followed by a range of fast-changing economies: China (87 per cent), the Philippines (76 per cent), Hong Kong (69 per cent), and Singapore (67 per cent).

Thailand's business leaders ranked 10th on the global list, with 62 per cent of executives saying their stress level has increased.

The survey shows that the world's least-stressed business people are found in Europe and the US.

"All around the world the stress levels of business leaders shot up last year, whether economic activity in their country was picking up or slowing down," said Peter Walker, a partner at Grant Thornton Thailand. "Thailand was no exception, with business leaders increasing their stress levels to find opportunities in the current economic climate and also worrying about future political and environmental factors."

The survey also showed a direct correlation between stress and the length of holidays taken by executives around the world, excluding public holidays. It concluded that a majority of Asian business leaders suffered from a high stress in 2005, possibly as a result of taking too few holidays.

Thailand comes in at the bottom of this league, with business leaders saying that, in addition to public holidays, they take an average of just four days' vacation a year. Those in European countries take by far the most holidays, with an annual average of 22 days, compared with an average of just 12 days in Asia. In the US, the average is 14 days.

"The link between stress and vacation levels is interesting," Walker said. "Do the results mean that executives who take longer vacations feel less stressed? Or is it that the less stressed they feel, the more vacation they are able to take? Either way, the differences in holiday patterns around the world are huge, with Thailand's business leaders taking an extremely low number of vacation days compared to many others."

Another factor contributing to stress in some countries was fear over job security. Japan and Thailand jointly topped the list for concerns over job security, with 49 per cent of respondents claiming it was a high or extreme stress factor. Least stressed about job security were executives in Sweden (7 per cent), followed by the Netherlands, the UK and Singapore (9 per cent).

Possibly, high stress levels and concern over job security combined to force Thai executives to minimise their vacation days last year.

"Maybe they were worried that if they took a vacation their job would be gone when they came back to the office," Walker joked, but went on to caution: "While hard work is admirable, Thai executives need to manage their stress levels and take adequate vacation time, otherwise health problems and quality problems may soon arise."

[KatoeyLover69]

Report from The Nation dated Friday 24 February 2006 :-

Fashion Island to continue revamp

The decade-old Fashion Island shopping complex on Ram-Indra Road announced yesterday that it would continue the face-lift it has been undergoing for two years.

"We've entered our third year of major renovation, which is set to make us a more modern and more dynamic shopping mall," said Prasert Sriuranpong, vice president of marketing and business development for Siam Retail Development Co Ltd, which operates the shopping centre.

He said the firm would pour Bt150 million this year alone into renovations, after already spending more than Bt200 million.

He said Fashion Island's business strategy would revolve around improvements to make the complex even more attractive to a wider variety of shoppers.

He said this year's renovation work would focus on four main areas: rezoning, introducing new zones, introducing new outlets and upgrading facilities.

"All four of our floors will be rezoned. Restaurants, educational products and household appliances will be grouped on the basement level. Fashion and fast-food outlets will be on the ground floor. The second floor will feature mobile-phone shops, services and banking outlets, more fashion and beauty salons. And furniture, home decorations, a cinema, a bowling alley, an amusement area, IT, Sport City and a food court will all be housed on the third floor," said Prasert.

New zones will be introduced, including a 1,220-square-metre education zone. A new 657-square-metre fashion and ornaments zone will open in May.

"We've transformed our 3,000-square-metre multipurpose hall on the third floor into a new indoor sports stadium that can serve as a venue for any type of indoor competition."


Kwanchai Rungfapaisarn
The Nation

[KatoeyLover69]

Report from The Nation dated Friday 24 February 2006 :-

SEC clears Thaksin of wrongdoing : Pinthongta also exonerated, but Panthongtae faces three charges

The Securities and Exchange Commission has given Prime Minister Thaksin Shinawatra and his daughter Pinthongta a clean bill of health after investigating alleged irregularities related to the offshore company Ample Rich Investments Ltd.

SEC secretary-general Thirachai Phuvanat-naranubala said Thaksin and Pinthongta had properly filed reports to comply with disclosure rules.

However, the commission has found that Panthongtae, the prime minister's son, violated disclosure rules and takeover codes in his accumulation of Shin Corp shares.

At a press conference yesterday, Thirachai said the investigation had been conducted within the framework of the Securities and Exchange Act. Therefore the securities watchdog did not determine if there was actual payment for the transactions involving Thaksin and his children.

On June 11, 1999, Thaksin sold 32.92 million shares of Shin Corp to Ample Rich. These later multiplied tenfold when Shin split its par value from Bt10 to Bt1 per share. On December 1, 2000, Panthongtae bought Ample Rich, which then had only US$1 (Bt40) in capital, from his father.

"Under Article 246, the SEC focuses solely on acquisition reporting and not if there was any payment or when [the transactions took place]," Thirachai said. "Finding that out has no weight on the investigation whether the securities law is violated."

He also pointed out that in the investigation, the SEC did not set out to discover if Ample Rich was Thaksin's nominee because Panthongtae, who claimed ownership of Ample Rich, was an adult and not an under-aged child. Therefore, there was no reason to assume that Ample Rich held Shin shares on behalf of other individuals.

"This has nothing to do with the securities law," he said. "But if any state agencies have doubts, or want to investigate if there is a violation of any other laws, they can press for documents from the individuals involved."

The nominee issue has been the subject of intense speculation. If it was proven that Ample Rich was Thaksin's nominee, the prime minister could be charged with violating Article 209 of the Constitution, for failing to report the assets, as required, when he took office.

Meanwhile, Panthongtae Shinawatra faces penalties for violating the Securities and Exchange Act. Under the relevant provisions of the law, he is liable to imprisonment for a term not exceeding two years, or a fine not exceeding Bt500,000 and a further fine not exceeding Bt10,000 for every day during which the contravention continued, or both.

According to The Nation's calculations, Panthongtae could be fined about Bt20.3 million for failing to launch a tender offer. For failing to disclose Ample Rich's holding of Shin shares, he could be fined another Bt20.3 million and, for a third offence committed in September 2002, he could face an additional penalty of Bt13 million.

Panthongtae and Pinthongta were also cleared of charges of insider trading in their purchase of Shin shares for Bt1 each three days before reselling them to Temasek Holdings at Bt49.25. Thirachai said that as they owned Ample Rich and as the transactions were done out of the market, the buyer and the seller had not caused advantage or disadvantage to others.

However, Thirachai said the Stock Exchange of Thailand was still investigating alleged trading irregularities involving the Shin subsidiary, Advanced Info Service Plc (AIS).

Executives of AIS, including Thaksin's sister Yingluck - the company's president - are reported to have sold AIS stock ahead of the Shin sell-off to Temasek Holdings of Singapore.

"We have not yet received the SET's investigation result," he said.

Commenting on the recent change in Shin holdings of Aspen Holdings Co Ltd and Cedar Holdings Co Ltd - the Temasek nominees that bought 49.6 per cent of Shin and are tendering for its remaining shares - Thirachai said the companies were not obliged to report the change because they identified themselves as a single group of investors in the tender offer proposal.

[KatoeyLover69]

Report from The Nation dated Friday 24 February 2006 :-


Panthongtae breached reporting regulations - SEC : Watchdog finds PM's son violated securities law on three occasions

The Securities and Exchange Commission (SEC) announced yesterday that Panthongtae Shinawatra had violated the law in failing to report his Shin Corp shareholding on September 1, 2000, as well as his sale of Shin stock on September 9, 2002.

The following are details of Panthongtae's share sales and purchases, indicating three violations of the Securities and Exchange Act, as chronicled by the SEC:

On February 22, 2000, Panthongtae was director of Ample Rich Investments, which held 11.88 per cent of Shin Corp. This made Ample Rich the same "party" as Panthongtae in terms of Article 258 of the act. However, he did not need to report to the SEC in accordance with Article 246 as he had not obtained Shin shares directly.

On September 1, 2000, Panthongtae purchased 24.99 per cent of Shin from his father, Prime Minister Thaksin Shinawatra, and his mother, Pojaman. Because of this transaction, Panthongtae was under Article 246 required to report to the SEC his shareholding of Shin shares via Ample Rich - the same party as Panthongtae. However, he violated the law by failing to report to the SEC.

In addition, with his direct holding of an additional 24.99 per cent of Shin shares from this transaction, and his indirect holdings of 11.21 per cent via Ample Rich - a combined stake of 36.2 per cent - Panthongtae was required to conduct a tender offer for the remaining Shin stock, in accordance to Article 247.

But he violated the law by failing to conduct the tender offer - his second violation.

On December 1, 2000, Panthongtae purchased a 100 per cent share of Ample Rich from Thaksin. However, since Ample Rich had been the person of Panthongtae since February 22, 2000, he did not need to report anything to the SEC.

On February 7, 2001, Panthongtae purchased an additional 22 shares of Shin, but this did not materially affect his shareholding in the company. Therefore, he was not required to report the transaction to the SEC.

On September 9, 2002, Panthongtae sold 12.5 per cent of Shin to his sister, Pinthongta Shinawatra.

This reduced his direct holding from 24.99 per cent to 12.49 per cent. He reported the share sale to the SEC the same day. However, the report was not correctly made as it indicated only his direct holding in Shin, and not his indirect holding via Ample Rich. His combined direct and indirect shareholding after the share sale had declined from 36.2 per cent to 23.7 per cent.

This was a violation of Article 246.

On May 17, 2003, Panthongtae sold 2.49 per cent of Shin stock to Pinthongta, thus reducing his overall stake from 23.7 per cent to 21.21 per cent. He was not required to report this sale.

On May 16, 2005, Ample Rich raised its capital from US$1 (Bt40) to $5, with Pinthongta as the purchaser. This resulted in the shareholding proportion of Panthongtae and Pinthongta in Ample Rich changing to 80 per cent and 20 per cent, respectively. They were not required to report this to the SEC as Ample Rich is not listed on the Stock Exchange of Thailand.

On January 20, 2006, Ample Rich sold 10.97 per cent of Shin stock, of which a 5.49-per-cent stake was bought by Panthongtae. This meant his direct and indirect shareholding of Shin shares had declined from 20.77 per cent to 15.29 per cent. Panthongtae was required to report this to the SEC under Article 246 to indicate the shareholding of Ample Rich - the same party as Panthongtae - in Shin Corp.

He duly reported to the watchdog on January 23. However, he failed to report the shareholding of Ample Rich and incorrectly indicated how he had obtained the shares. At first, he indicated that he bought Shin shares from Ample Rich via the Stock Exchange of Thailand, but in fact the deal was conducted outside the bourse.

Later, he was required by the SEC to correct his reports, which he did on January 30.

On January 23, Panthongtae sold his remaining 15.29-per-cent stake in Shin to Temasek Holdings group. He reported the sale to the SEC on the same day.


-------------------------------------------------------------------------------------------------


Pinthongta off the hook

The Securities and Exchange Commission (SEC) yesterday exonerated Prime Minister Thaksin Shinawatra's daughter, Pinthongta, from all suspicion concerning Shin Corp's share deals.

The chronology of Pinthongta's share transactions, according to the SEC's statement, is as follows:

September 9, 2002: Pinthongta bought a 12.5-per-cent stake in Shin Corp from her brother, Panthongtae Shinawatra, and submitted a 246-2 form (change in major shareholders of listed companies) to the SEC on that date.

May 17, 2003: Pinthongta bought an additional 2.49-per-cent stake in Shin from Panthongtae, raising her shareholding to 14.98 per cent. She was not required to report such a change.

May 16, 2005: She purchased capital increased shares in Ample Rich Investments. She then held 20 per cent in Ample Rich, which at that time owned 10.99 per cent of Shin Corp, and became the company's director. (Pinthongta directly and indirectly held 14.68 per cent + 10.99 per cent, respectively = 25.67 per cent of Shin Corp.) Based on Pinthongta's and Ample Rich's documents, the SEC concluded that she had not broken articles 246 and 247 of the Securities and Exchange Act because the increase in her holding did not result from directly buying Shin's shares. However, Ample Rich's proportion was later added to her holding, in compliance with Article 258.

January 20, 2005: Ample Rich sold a 10.97-per-cent stake in Shin to Panthongtae and Pinthongta. Pinthongta at that time bought 5.49 per cent in Shin from Ample Rich and this resulted in a decline in her direct and indirect holding in Shin - from 25.64 per cent to 20.15 per cent. Pinthongta filed a 264-2 form with the SEC on January 23, 2006, and an amended 264-2 form on January 30.

Her holding in Shin decreased from 25.67 per cent on May 16, 2005 to 25.64 per cent due to Shin warrant exercise.

January 23, 2006: Pinthongta sold her 20.15-per-cent stake in Shin to Temasek Holdings. She submitted a 246-2 filing on that day.

[KatoeyLover69]

Report from The Nation dated Friday 24 February 2006 :-

Watchdog branded a paper tiger

Democrat MP Sirichok Sopha yesterday accused the Securities and Exchange Commission (SEC) of whitewashing the Shin Corp Plc sell-off, which involved an intricate series of questionable transactions between Prime Minister Thaksin Shinawatra, his children and the offshore firm Ample Rich Investments Ltd.

"The SEC has put the Shinawatra family's interests before the national interest," Sirichok said.

"We are gathering more information to prove that the entire process involves something more significant than a mere wrong tick [on a form]. Rather, it is an effort to disguise asset concealment."

At a press conference, the securities watchdog cleared Thaksin and his daughter Pinthongta of violating securities laws, but said his son Panthongtae failed to comply with disclosure rules and takeover codes.

Panthongtae could face a fine of more than Bt50 million for three offences, but not a jail term.

SEC secretary-general Thira-chai Phuvanat-naranubala insisted that jail terms are imposed only for violations of Articles 246 and 246 of the Securities and Exchange Act, and serious offences like insider-trading and accounting fraud.

Only seven offenders out of 72 violation cases had been jailed, he said.

The SEC also said that there is only one Ample Rich. Custodians and brokers - mainly Nava Vickers Ballas Securities (Thailand) and UBS's Singapore branch - had accidentally filed inaccurate reports, which sparked speculation that there were two firms named Ample Rich involved in Shin-share transactions.

Democrat MP Korn Chatikavanij said yesterday's press conference would not be the last the SEC held on the controversial transactions.

"It's insulting to the public," he said. "How does the SEC know that UBS simply received the shares [as a custodian] when the company said in an acquisition form that after receiving the 10 million shares from Nava, its total holding in Shin would be 15 million shares?"

The Democrats will submit a list of issues that remain unclear to the SEC.

Sirichok said that the explanation concerning UBS's role was vague, noting that the acquisition report was signed by an executive director of the world-class financial institution.

"All along, ticking the wrong box has been used as an excuse, including this time. To whom did the other five million shares belong then? This is actually an off-market transaction. Why didn't the SEC investigate this issue?" he asked.

Another issue lies in the address of Ample Rich - Matterson Trust Co (BVI) Ltd. Sirichok doubted if Matterson owned Ample Rich and this is part of the asset-concealment allegation. He also pressed the SEC to reveal the identity of Matterson's beneficial owners.

Thirachai said that the SEC could do nothing when brokers or custodians made reporting errors.

"If they ticked the wrong box, what could we do? By the way, changing custodians is not wrong as it depends on the share owners' choices. Particularly, the transactions affect nobody as they did not lead to a change in the company's share price," he said.

Thirachai also made it clear that the SEC's probe focused solely on the paper trail. It did not follow the money trail.

The question of whether any payments for the shares were made on each transaction was left to other state agencies, which still doubt any illegal transactions were made.

Although the case involves several offshore entities, the Bank of Thailand and the Anti-Money Laundering Office have shown no interest in following the money trail.

Remarkably, in 1992, when several major stock investors - including Song Watcharasriroj - were charged with manipulating share prices, the SEC flexed all its muscles to trace all paper and money transactions that could lead to accomplices so that it could establish an ironclad case.

Without evidence of payments being made, people involved in the Shin transactions are entitled to the benefit of the doubt.

[U-Need]

BANGKOK, Feb 24 (TNA) – Last Update : 2006-02-24 / 07:55:41 (GMT+7:00)

Foreign investors view the ongoing political tension in Thailand will neither escalate nor drag on, according to a veteran fund manager.

Speaking at the Economic Language program on the Modernnine TV station Thursday, Vorapak Tanyawong, President of J.P. Morgan (Thailand) Co, conceded the foreign investors are somewhat worried about the current political uncertainty.

Still, they believe the situation will not escalate and view it will continue only in the short run.

Given the country’s sound economic fundamental, he said, the investors pay attention to long-term investment as could be witnessed by a continued foreign inflow of more than 80 billion baht into the Thai stock market over the past one month.

The amount is considered very high if compared with the whole investment of around 110 billion baht made by the foreign investors last year.

He said the foreign investors view there are three ways out of the current political crisis -- letting the situation ease by itself, dissolving the parliament and Prime Minister Thaksin Shinawatra’s resignation.

Should the government allow the situation to ease by itself, it would be hard to guess when the political woes would end, he said.

It would have an impact on trade, investment and people’s spending, which could lead to a slower-than-expected growth of the gross domestic product (GDP), he noted.

Still, it would not even cause damages to the Thai economy, he said.

Should the premier opt to dissolve the parliament and call a snap election, he viewed, the political development would become unambiguous, but it would cause a delay in the implementation of various projects, including mega-infrastructure projects.

Mr. Vorapak said it is very unlikely the premier would opt to resign because he was elected with a majority vote.

But if the premier opts to resign, it would have a negative impact on the investment, he said.

[KatoeyLover69]

Report from The Nation dated Friday 24 February 2006 :-

Only one Ample Rich, watchdog says

There is only one company named Ample Rich Investments Ltd, according to the Securities and Exchange Commission, after it investigated four custodians and brokers involved in past transactions with the offshore company.

The SEC's secretary-general, Thirachai Phuvanat-naranubala, attributed confusion over there being two companies called Ample Rich - one registered in England and the other in the British Virgin Islands - to reporting mishaps.

"We concluded that there is one Ample Rich - the one in the British Virgin Islands - and its holding [in Shin Corp Plc] has never changed," Thirachai said.

He backed up the conclusion with a document dated February 16 from the registrar of companies for England and Wales stating that a search had "failed to reveal any trace of a company registered in the name of Ample Rich Investments Ltd" over the past 20 years.

Ample Rich Investments changed its brokers or custodians over the course of time, without trading the stocks, Thirachai said. All brokers and custodians had acted as share custodians and had never traded the stocks on anyone's behalf.

The SEC's conclusions rebut opposition allegations that Prime Minister Thaksin Shinawatra used two companies called Ample Rich to inflate Shin's share prices, with assistance from custodians and brokers.

In its investigation, the SEC examined documents from Ample Rich, which were supplied by its two shareholders, Panthongtae and Pinthongta Shinawatra; Thailand Securities Depository Co Ltd; Vickers Ballas-Singapore (VKB); UBS's Singapore Branch; DBS Vickers, formerly Nava Vickers Ballas Securities (Thailand); and Kasikorn Securities Plc (formerly Asset Plus Securities Plc).

The securities watchdog concluded that, from the beginning, Ample Rich had only one address - Matheson Trust Co (BVI) Ltd, PO Box 3151, Road Town, Tortola - and that its 32.92 million Shin shares were parked with Asset Plus. Then, Ample Rich listed 185A Goldhill Centre, 51 Thomson Road, Singapore, as its correspondent office.

In 2000, 10 million shares were transferred to VKB and then to its Thai unit, Nava Vickers. The SEC found that Nava notified Thailand Securities Depository that the stockholder was Ample Rich (England), although Ample Rich never identified itself as an English company.

"This caused the misunderstanding that there were two Ample Riches," Thirachai said.

On August 21, 2001, the 10 million shares were transferred to UBS's Singapore Branch. UBS, however, reported to the SEC that it had bought the shares at Bt179 apiece.

"UBS said it did not understand Thai laws. It thus claimed ownership of the shares in the filing," Thirachai said, adding that the SEC investigation found that on that particular day, only 787,600 shares of Shin were traded. Moreover, he believed UBS could have used the closing price of Shin shares in the acquisition report. On the day, Shin was traded between Bt181 and Bt178, with an average price of Bt179.64.

The remaining 22.92 million shares remained at Asset Plus. In 2001, Ample Rich notified the custodian of a second mailing address - 57 UBI Avenue 1. Once the shares were transferred to UBS in 2004, the address was reported.

On January 20, 2006, all the shares were sold to Panthongtae and Pinthongta Shinawatra, who resold the shares to Temasek Holdings on January 23.

"There is no change in the number of stocks except when Shin split par value from Bt10 to Bt1. Thus, Ample Rich has never violated the disclosure rule," Thirachai concluded.

[U-Need]

Recent case where a model bare a child of a singer, however the singer has doubts.

本報訊】前天下午4時半，女模特兒哦小姐（化名，18歲），到泰文歷里紐報向媒介申訴，她說她和著名男歌星 逸甲叻（又名德）相戀同居，後來懷孕。但對方始亂終棄，不承認是孩子的父親。去年12月27日，她產下男嬰 他那促（小名儂丁）。


哦小姐訴說，她向媒介申訴的目的，是要求對她有個公正。她將向女民代芭威娜求助，要求男方負責任。因為現在 她獨自養育孩子有很多困難，而且孩子是無辜的。孩子很像父親就是最好的證明。她不曾和別的男子有親密關係。 為了孩子，她將爭取到底。

直到現在，她還是深愛對方。但男歌星反而向媒介說她作風不正，說她拍攝X級片和裸體片。這使她非常傷心。但 為了孩子，她努力忍耐。他倆過去相愛同居，但她意外懷孕。

2年前，她到某餐廳吃飯，遇到男歌星。他走過來向她討電話號碼。之後，他展開追求。相戀兩年後，男歌星逐漸 走紅，工作增多，與和她疏遠了。

知道自己懷孕後，她約對方出來談判。男歌星的意思要她打胎，並給她2000銖。她不願意照做。後來2人很長 時間沒有聯系。直到她臨產，對方聯系她，但她不想見。

如果男歌星要檢驗孩子的DNA，她沒有意見。如果要和解，她也願意合作。

[KatoeyLover69]

Report from Bangkok Post dated Friday 24 February 2006 :-

London has no record of Ample Rich in UK, says govt

Britain has denied the existence of Ample Rich Investments as a UK-registered company, as claimed by the Democrat party, government spokesman Surapong Suebwonglee said yesterday. Mr Surapong said the Registrar of Companies for England and Wales stated in a letter that there was no company registered in the name of Ample Rich Investments Ltd over the past 20 years.

''A search made this day of the Index of Limited Companies, including overseas companies registered during the last 20 years, has failed to reveal any trace of a company registered in the name of Ample Rich Investments Limited.''

Mr Surapong said a well-wisher had faxed a copy of the letter to him and he did not see the original copy or examine its authenticity.

The letter was given at Companies House in Cardiff on Feb 16 and signed by T Cosh-Tullett, the registrar of companies.

Companies House, an executive agency of the Department of Trade and Industry, registers all limited companies in the UK and holds the latest company information, including records and director reports.

However, a caveat in small print at the end of the letter said that although no record had been found relating to the company during the last 15 years, the office is not able to warrant the accuracy and the completeness of its search.

Mr Thaksin earlier denied the existence of a UK-registered Ample Rich Investment, accusing his critics of trying to confuse the public.

Mr Surapong said the letter along with other evidence would be used by the government in the joint parliamentary session set for March 6 to clarify the issues raised by its critics.

However, the government had no information to explain why the same address is shared by offshore firm Winmark and Ample Rich Investments, a company founded by Mr Thaksin and involved in transactions of Shin Corp shares in the tax-haven British Virgin Islands.