Vayupak Fund’s financial advisor shows no concerns on the case claimed by the former minister of finance regarding the legitimacy of the new funding unit.
On September 10, Mr. Thirachai Phuvanatnaranubala, former Minister of Finance has delivered an open letter to the current Minister of Finance regarding the Vayupak One Fund, implying a possible legal violation with respect to Type B unitholders, comprising the Ministry of Finance and state investors, being the existing unitholder of the current fund. Therefore, their participation in the Fund could be deemed ‘fait accompli’ – as opposed to investment decisions being explicitly made, whereby such decisions leave them in a disadvantageous position to other Type A unitholders (general investors.)
Mr. Varah Sucharitakul, President of Finansa Securities PCL and financial advisor to Vayupak One, told “Kaohoon” he does not fret about the case, attesting no effect on subscriptions by retail investors on September 16-20 as the Council of State ruled on August 13 that the opening of Vayupak One is in compliance with the law, as well approved by the Cabinet.
“I am confident there will be no issue, everything was correctly implemented as supported by the Council of State’s ruling,” said Mr. Varah.
In support of the above, Mr. Varah also produced a response letter issued by the Council – signed by Mr. Pakorn Nilprapunt, Secretary-General of the Office of the Council of State.
In reference to the above letter, the Council has considered and determined that the Ministry of Finance has presented to the Cabinet the opening of Vayupak One as an alternative for savings and investments for the public and general investors in the time of low savings interest rate, as well to encourage public participation in the market through the Fund in which returns are mechanically protected, ultimately increasing the SET Index, giving credence to local and foreign investors.
The abovementioned is within the scope of the Fund in which the sale can be offered to the extent permissible by securities laws. Hence, the Cabinet is authorized to approve as deemed appropriate.
