'Korn' Presses SEC on Bangchak Deal Linked to Illicit Funds

Thansettakij•Politics•1d ago

Reader Briefing

MP Korn Chatikavanij publicly urges the SEC to investigate Bangchak for alleged complicity in a 10 billion baht deal involving illicit funds and potential money laundering.

•MP Korn Chatikavanij has called on the Securities and Exchange Commission (SEC) to investigate Bangchak's 10 billion baht deal.
•Concerns have been raised about the deal's links to illicit funds and potential money laundering activities.
•Bangchak's board is accused of facilitating the entry of questionable capital by approving board member changes without proper shareholder consent.

Overview

•On April 11, 2025, Bangchak's shareholders meeting appointed five directors, with four re-elected.
•On April 18, 2025, without a scheduled agenda, Bangchak's board approved the resignation of two directors and appointed two replacements from ACE.
•ACE acquired a substantial amount of Bangchak shares from Capital Asia Investment through three transactions, shortly after being established on January 23, 2025.
•ACE purchased Bangchak shares valued at 10,000 million baht, despite having a registered capital of only 50 million baht (a debt-to-equity ratio of 200:1).
•Korn Chatikavanij stated that the Bangchak board should review why they opened the door to such transactions carelessly, hastily, and nontransparently.
•In May, ACE representatives were appointed as Vice Chairman and Investment Chairman of BCPG, a major shareholder of Bangchak.
•In late 2023, BCPG, a subsidiary of Bangchak, approved the sale of shares worth 4,500 million baht to a group led by Mr. Ben Smith.
•Bangchak also purchased assets for 9,000 million baht from the Cosmo family group, whose members have been implicated in online gambling and money laundering cases in 2022.

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Source: Thansettakij (Original)

Key Quotes

Korn Chatikavanij

"SEC is silent? #Name and shame, is what the PM said true!?"

ก.ล.ต.เงียบ ? #ปิดชื่อถือพฤติกรรม อย่างที่นายกฯ พูดไว้จริงหรือไม่ !

Korn Chatikavanij

"The question Bangchak's board must seriously review is why they opened the door (1) carelessly, (2) hastily beyond the schedule, (3) nontransparently, as it didn't require shareholder approval."

คำถามที่ คณะกรรมการบางจากฯ ต้องทบทวนจริงจัง คือทำไมจึงได้เปิดประตูอย่าง (1) หละหลวม (2) เร่งร้อนเกินรอบเวลา (3) ไม่โปร่งใส เพราะไม่ต้องผ่านที่ประชุมผู้ถือหุ้น

Korn Chatikavanij

"The SEC should not remain silent on this matter, as it has a direct duty to investigate, and if wrongdoing is found, clear legal penalties must be imposed."

ก.ล.ต.เองก็ไม่ควรเงียบต่อไปกับเรื่องนี้ มีหน้าที่โดยตรงที่จะต้องสืบสวน และหากพบการกระทำที่ไม่ชอบ ต้องมีมาตรการลงโทษที่ชัดเจนตามกฎหมาย

Key Entities

Person

Korn Chatikavanij(กรณ์ จาติกวณิช)ℹ️

Member of Parliament (MP) and Deputy Leader of the Democrat Party who is raising concerns about Bangchak's 10 billion baht deal.

Mr. Ben Smith(นายเบน สมิธ)

The individual whose group purchased shares worth 4,500 million baht from BCPG.

Seua Tue(เสี่ยตือ)

The patriarch of the Cosmo Group family, whose members have been involved in illicit activities.

Mr. Chaichanok Chidchob(นายไชยชนก ชิดชอบ)

An individual allegedly offered a bribe of 40 million baht by a member of the Cosmo Group.

Organization

SEC(ก.ล.ต.)ℹ️

The Securities and Exchange Commission, which MP Korn Chatikavanij is urging to investigate Bangchak.

Bangchak(บางจาก)ℹ️

An energy company whose recent 10 billion baht deal is under scrutiny by MP Korn Chatikavanij for alleged ties to illicit funds.

ACE

An entity that acquired a significant stake in Bangchak and whose representatives were appointed to Bangchak's board and BCPG's leadership.

Capital Asia Investment

The entity from which ACE acquired a large number of Bangchak shares.

BCPG

A subsidiary of Bangchak where ACE representatives were appointed to senior positions.

Cosmo Group(กลุ่ม Cosmo)

A family group whose business was purchased by Bangchak for 9,000 million baht, and which has members implicated in gambling and money laundering.

Bhumjaithai Party(พรรคภูมิใจไทย)ℹ️

A political party that is allegedly a major sponsor of and has connections with individuals linked to the Cosmo Group and the alleged bribe.