TMB board backs Vijit

TMB Bank has not yet responded to a request from its labour union that Vijit Supinit resign as an independent director, saying he has not breached any law.

Saowanee Kamolbutr, the chairwoman of TMB Bank, said yesterday after a board meeting that the former chairman of the Securities and Exchange Commission continued to serve the bank.

"As a member of the TMB board of directors, he is still on duty. Also, our board meeting has not yet considered the issue since he did not breach any law," said Mrs Saowanee.

The bank's union submitted a letter last week to TMB executives, requesting Mr Vijit's resignation because of concern that the bank's reputation would be damaged because of Mr Vijit's involvement in the dispute over the shipping company Thoresen Thai Agencies (TTA).

Mr Vijit resigned as chairman of the SEC early this month following protests by SEC staff and executives, who said the regulator's credibility had suffered.

Mr Vijit has maintained that by brokering meetings between TTA management and dissident shareholders, he was only acting to protect shareholder rights.

Mrs Saowanee said the TMB board would not act until the SEC's investigation into the TTA case is finished. If the investigation proved wrongdoing, the bank would consider its stand, she added.