Confidence in Thailand's capital market has been shaken again after the name of an obscure individual, Supaporn Phimpong, appeared in Securities and Exchange Commission (SEC) filings as the reported owner of a 7% stake in True Corporation. True executives said they were unaware of such a shareholder.
Further scrutiny revealed the individual had also filed reports claiming substantial stakes in several other blue-chip companies, including Bangkok Bank, Kasikornbank, Major Cineplex, Asia Aviation and GJ Steel, with a combined value of billions of baht.
