Bangkok: BCPG shares recovered today after yesterday's sharp drop, and the company clarified that the CAI fund issue will not affect its business.
According to Thai News Agency, shares of BCPG Public Company Limited (BCPG) traded at approximately 6.40-6.75 baht this morning, up from yesterday's volatility which saw the stock plummet to 5.30 baht, representing a 25.35% drop. The decline was triggered by selling pressure following the arrest of directors of Capital Asia Investments (CAI), a major shareholder of BCPG, by Singaporean police on charges of involvement in an international money laundering network. This impacted investor sentiment in the short term. However, CAI has recently reduced its stake in BCPG to only 0.71%, down from a previous high of 5.62%.
BCPG clarified that it has not found any fundamental factors or significant events that would affect its business operations or financial position. Business operations, management, and project progress continue as normal, based on the organization's stability and security. The company remains committed to its core mission of developing and investing in clean energy and further developing future energy infrastructure to support the transition to a sustainable energy system at both national and regional levels. Its key objectives are to promote a low-carbon economy and create sustainable value for society, the environment, shareholders, and all stakeholders. The company also adheres to principles of good corporate governance and transparency in all operational processes. Furthermore, the company has updated the shareholder list on its website.
Reports indicate that the CAI fund is linked to Ben Smith (or Benjamin Mauerberger), and is seen as a source of funds with a concealed owner. Ben Smith's wife, Katriya Beaver, was previously listed as a major shareholder in BCPG but is no longer a major shareholder. Ben Smith and his wife are wanted on charges of money laundering, investment fraud, and evading arrest warrants. The Anti-Money Laundering Office (AMLO) has seized assets related to the network, including shares totaling over 13 billion baht.
Mr. Korn Chatikavanij, deputy leader of the Democrat Party, previously questioned why the Securities and Exchange Commission (SEC) and the Anti-Money Laundering Office (AMLO) have not taken action against all the stocks held by the CAI fund, despite the seizure of Bangchak shares linked to the fund. Meanwhile, the Monetary Authority of Singapore (MAS) has accused the fund of possible money laundering activities stemming from scammers, some of which are believed to have occurred in the Thai capital market. He reiterated his questions to the SEC, AMLO, and the government about protecting Thai citizens' interests and cracking down on those involved in capital market fraud.
'A junior colleague at a financial institution in Thailand told me that MAS requested information on 'suspicious transactions' of the CAI group late last year, but to this day, the SEC and the Anti-Money Laundering Office of Thailand have not responded,' Mr. Korn stated.