Ekniti Clarifies Thauvin Capital Issue; Pledges SEC Chief Removal if Investigation Proves Wrongdoing
Deputy PM Ekniti pledged to remove the SEC chief if an investigation proves wrongdoing in the Thauvin capital board appointment case, while defending the Finance Ministry's handling of oil refinery margins and emergency loan measures.
At 10:40 AM on May 14, 2025, during a parliamentary session chaired by House Speaker Sophon Sararum, Democrat Party MP Karan Chatigavanich questioned Deputy Prime Minister and Finance Minister Ekniti Nitithanaprasad about capital market problems and the Securities and Exchange Commission's (SEC) handling of an oil refinery company allowing Thauvin capital group members to join its board in 2024.
Ekniti explained that regarding oil prices, the Finance Ministry reviewed refining margins and presented findings to the Cabinet on April 7, concluding that excess profit margins existed. He stated the proposal was to use excess profits for public benefit and create a transparent system by reducing refining margins and evaluating actual costs. The Cabinet approved these measures on April 8, reducing excess refining margins by 2 baht per liter for March and 5 baht per liter for April.
On the 400 billion baht emergency loan decree, Ekniti noted this crisis differs from 1997's currency crisis or the global financial crisis, as it stems from energy and cost-of-living issues affecting purchasing power. He characterized it as an urgent economic security matter.
Regarding the SEC, Ekniti stated it operates as an independent agency under Finance Ministry oversight. New regulations were approved prohibiting individuals from companies with legal violations from joining boards. He instructed SEC officials to enforce good governance, transparency, and clarity, directing the Finance Ministry's representative to support independent directors and remove representatives of legally-troubled companies from risk committees.
On the SEC chairman issue, Ekniti instructed the SEC secretary and Finance Ministry permanent secretary to strictly follow legal procedures. If investigation clearly proves wrongdoing and unsuitability for office, removal will proceed according to law. Regarding Thauvin capital, he confirmed close coordination with the Justice Ministry and stated he fulfilled his legal responsibilities without inaction.
