I’ve been hearing rumours in the market, from clients and friends, for the past few weeks about TTA and that something may happen, and the names Bee, Vijit + 1 other fellow kept popping up and that they had 30% of TTA’s shares.
TTA has been an extremely cheap stock for the past few years trading ~0.5x BV, which we assume is due to the fact that the shipping business is sluggish and TTA’s investments into other businesses have yet to bear results. So to hear that shareholders were looking at shaking things up at TTA is positive by itself, until the news came out that the individuals are Bee Taechaubol, Dr. Vijit Supinit, and Veera Manakongtricheep. And that these 3 individuals walked into the CEO’s office, ML Chandchutha Chandratat, and said that there were holding 30% of TTA’s shares and want to shake up management and the board of directors.
Note: I’ve met K. Bee before and thought he was a very well-spoken, well educated financier.
Now Dr. Vijit Supinit is the current chairman of the SEC, I repeat, the current CHAIRMAN OF THE SEC. What on earth is this idiot thinking that he, as the head of a regulator, can be a part of a shareholder group looking to exert pressure upon TTA? A slight conflict of interest perhaps? And in the past was considered to be responsible for the failing of BBC.
As for K. Veera Manakongtricheep, he was the president of the now-defunct SITCA Investment and Securities Co – and is alleged to have intentionally manipulated SITCA share prices in 1995, according to the Finance Ministry.
And lastly, K. Bee is under investigation by the SEC for embezzlement and fraud from his time as a director at IEC in 2006.
Ok…so…yup smells dirty.