Reports suggest that a person who has in the past been implicated for Insider Trading has once again dumped shares right before an announcement that wiped out about As per the reporting to the Stock Exchange of Thailand SET Korsak sold the shares and reported it to the bourse on December 4, scroll down to page The executives purchased shares through their own trading accounts and through the accounts of others. Report from Reuters tells the in-depth story on this issue. It may be too early to say that the action of Krosak was one of insider trading but with the stock trading at nearly 5-years low after the announcement by CPAXT, only a blind SEC would say that such action does not construe to be an insider trading.
CPAXT, the company at the center of this entire saga, made a call on December 13 that it would purchase part of the retail asset of Happitat at the Forestias Co, Ltd, a mixed-use real estate development business. However, the move was also seen as a bailout for Magnolia Quality Development Corporation MQDC , an international property development owned by the Chearavanont family. The company is currently developing a mega project named The Forestias, a luxury mixed-use development project.
MQDC currently has 45, million Baht of long-term debenture with maturity date ranging from , according to ThaiBMA website, of which 7 debentures at a total amount of Shares of all 3 listed companies have seen a decline in price and yesterday December 17 they continued their southbound trajectory.
A decision by the board to buy into 8. The biggest loser up until yesterday was CPAXT, the buyer of the assets from Happitat which has lost its market capitalization by CPALL is the 2 nd largest loser with Reports suggest that out of 47 insider trading cases reported by the SEC from , only 8 criminal complaints were filed, while only 2 eventually went to trial. The Criminal Court imposed a fine of 1.
Investors are looking for more corporate governance. Corporate governance is paramount to most large-scale investors and using the listed company to being a tool to live a lavish life of owning private jets and company owned mansions across the world should not be encouraged, no matter how successful business operations are.
