Baker & McKenzie has removed Ratchanon Piriyapongpan and Saowapak Arunvej from the law firm after securities regulators late last week accused the two of insider trading.
The Securities and Exchange Commission said Baker & McKenzie was appointed a legal adviser for Grande Asset Development in March 2006. Mr Ratchanon, acting as the head of the legal team, was privy to market-sensitive information related to investments by GRAND, which was only disseminated to the public on June 30,2006. Prior to the public announcement, Mr Ratchanon directed Ms Saowapak, his secretary, to transact a total of 7.56 million GRAND shares at prices ranging from 2.96 to 4.70 baht per share.
The SEC fined Mr Ratchanon, formerly named Wisit Kanjanopas,6.68 million baht and Ms Saowapak 330,000 baht for insider trading violations in the case.
Baker & McKenzie yesterday disavowed any knowledge of the incident.
"Baker & McKenzie would like to clari-fy that the acts of the two individuals were entirely conducted in their personal capacities, without knowledge or involvement of the management of the firm,"the firm said in a statement.
"We profoundly regret that the incident arose from the acts of a legal consultant and a member of staff, whose conduct, albeit in a personal capacity,may nevertheless impact upon the trust and integrity of the firm, especially in respect of legal work in the field of capital markets and related areas."
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