SSO share deal faces probe

The Labour Ministry has ordered a preliminary inquiry into alleged irregularities involving a 2006 share purchase by the Social Security Office which cost it 300 million baht.

Labour Minister Paitoon Kaewthong said he had instructed SSO secretary-general Pan Wannapinij to compile all of the SSO's investment schemes and forward them to him for review.

The Public Sector Anti-Corruption Commission recently reported suspected irregularities in the SSO's purchase of BankThai shares in early 2006.

Between Jan 23 and April 27 that year, the SSO bought about 68 million shares of BankThai worth 521 million baht. The average share price was 7.90 baht.

The PACC reported the purchase went against the advice of the SSO's financial advisers and specialists who found BankThai shares lacked liquidity and the purchase would be considered share manipulation.