Thai SEC chairman quits as takeover ties alleged

AP News
Posted: Jun 02, 2011 12:42 PM
Thai SEC chairman quits as takeover ties alleged

The head of Thailand's stock market watchdog agency resigned Thursday after he was accused of being involved in a takeover attempt of a listed company.

The Securities and Exchange Commission said Chairman Vijit Supinit's resignation would be effective Friday. No reason was given. His term as SEC chief was due to end next month.

More than 100 SEC employees earlier Thursday wore black to protest Vijit's alleged involvement in a hostile takeover attempt of Thoresen Thai Agencies Public Company Limited, one of Thailand's biggest bulk shipping agencies.

Thoresen chief executive Chandchutha Chandratat was reported by the Bangkok Post newspaper as saying that Vijit met with company executives and investors who wanted to take it over, and that he was proposed as its new chairman.

Neither Thoresen nor Vijit issued any statement Thursday, while the company's stock ended the trading day slightly up.

The statement from the SEC said it has assigned a committee to look into whether it is necessary to revise its governance and ethical rules for board members.