Securities Class Actions - Next Stop Thailand?

According to an article in the Bangkok Post this morning (you have to love the international dateline!), the Thai Investors Association (TIA) is pressing the government of Thailand to pass a "new class-action law to help strengthen the rights of retail investors."

Wichai Poolworaluk, TIA's president, suggests that:

In overseas markets, class-action suits are used as a tool to protect investor rights. And under this law, authorities gain greater leeway to help protect the rights of retail investors.

The TIA also is seeking to amend the Public Companies Act "to help increase the rights of shareholders, particularly in voting rights to contest controversial items that could damage the interest of minority investors."

The TIA is a:

leading organization in protecting investors rights and promoting good corporate governance among listed companies in order to help provide on environment for sustainable growth of the Thai capital market.

A review of the different litigation options currently available to Thai investors under Thai law is available from The Thailand Law Forum, here. The Law Forum "is a non-profit web site that strives to provide the English-speaking public with a free, unbiased and up-to-date source of information about Thai law."