CP All Pressured By Investors to Take Action on Insider Trading
- Thai fund managers call for executives to be replaced
- SEC's fine undermines attempts to crack down on graft
This article is for subscribers only.
Thai fund managers overseeing more than $172 billion in assets agreed on Thursday to freeze investments in billionaire Dhanin Chearavanont’s CP All Pcl until the operator of 7-Eleven convenience stores takes action against executives charged with insider trading.
“The agreement on freezing of investments in CP All’s equity and debt securities has been anonymous because of corporate governance concerns,” Voravan Tarapoom, president of the Association of Investment Management Companies, said at a briefing after a meeting in Bangkok. “On the question whether they will reduce investments further, this will depend on the decision of each mutual fund and pension fund.”