|(AP Photo/Wichai Taprieu)|
The Securities and Exchange Commission has cleared Pheu Thai Party's No.1 list candidate Yingluck Shinawatra of accusations that she broke securities law, insisting that its investigation into her had been concluded.
The SEC investigation was prompted by calls from two groups accusing her of making false transaction reports among other infractions in relation to securities she had allegedly held on behalf of her brother, ousted former prime minister Thaksin Shinawatra.
Kaewsun Atibhodhi, a member of the disbanded Assets Scrutiny Committee (ASC), and Tul Sitthisomwong, leader of the anti-red-shirt Network of Citizen Volunteers Protecting the Land, recently demanded that the SEC probe the alleged irregularities of Ms Yingluck's cases, which were related to an order by the Supreme Court's Criminal Division for Holders of Political Positions to seize 46 billion baht from Thaksin.
They had accused Ms Yingluck of making false transaction reports to the SEC following the court's verdict that she and three other people had held shares in Shin Corp and Ample Rich Investments on behalf of Thaksin and his ex-wife Khunying Potjaman na Pombejra, when he was prime minister.
In addition, they accused Ms Yingluck of making a false statement to the SEC that the Shinawatra family was not associated with two overseas investment funds and Win Mark Co, which together owned Shin Corp and SC Asset Plc. The SEC found, after she had made her statement, that Thaksin and Khunying Potjaman owned the funds and companies.
Regarding the shareholding in Shin Corp and Ample Rich, the SEC said the agency had lodged a complaint against Thaksin and Khunying Potjaman with the Department of Special Investigation on April 28, 2010, for making false transaction reports for the sale of Shin Corp shares in 2000, 2001 and 2006. However, the DSI and public prosecutors decided last year not to pursue the case.
The SEC noted that Ms Yingluck had not breached securities law by not filing reports on her shareholding transaction because she held less than 5 per cent of Shin Corp's total shares.
"The SEC has forwarded all evidence concerning the case to the DSI and the National Anti-Corruption Commission," it said in a statement.
Also, the SEC said that the charge that Ms Yingluck had made a false statement was beyond the scope of its authority to take action because it was not related to a listed company's financial status or share prices.
As for the alleged share concealment in SC Asset, the public prosecutors decided not to press any charges against any of the accused, and hence, the SEC would not pursue the case.
"But, if new evidence is found, the SEC is ready to reconsider the cases," it said.
Dr Tul yesterday said the SEC's statement was just another attempt by the agency to help conceal the Shinawatra family's alleged wrongdoings, he said.
"The SEC intentionally overlooked other acts which violated SEC law," he said.
The SEC's statement does not clear Ms Yingluck of the charges, he said.
Dr Tul said his network would lodge a complaint against Ms Yingluck with the DSI next Tuesday.
"We have evidence proving that Ms Yingluck breached SEC law," he said.
Dr Tul challenged the SEC to resign en masse if his network could prove Ms Yingluck committed the illegal acts.
Mr Kaewsun said the SEC's statement was not based on the letter of the law.
He said the SEC had not focused on his allegation that Ms Yingluck made false reports, but instead deflected the issue by saying that she was not required to report because she had owned less than 5% of the shares.