Thai accused in Smithfield insider case | Inquirer Business

Thai accused in Smithfield insider case

/ 03:29 PM June 07, 2013

In this May 29, 2013 photo, a pig statue sits outside the offices of Smithfield Foods in Smithfield, Va. Smithfield Foods has agreed to be bought by Shuanghui International Holdings for about $4.72 billion. Residents in this southeastern Virginia town have mixed reactions to the idea that the maker of their famous cured hams may soon be owned by a Chinese company. (AP Photo/The Virginian-Pilot, Amanda Lucier)

BANGKOK — The U.S. Securities and Exchange Commission says a Thai plastics company employee made profits of $3.2 million by trading on inside knowledge that a takeover offer for Smithfield Foods was imminent.

The SEC has sought to freeze the U.S. brokerage account of 30-year-old Badin Rungruangnavarat so the trading profits can’t be transferred overseas.

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U.S. pork producer Smithfield announced a $4.7 billion takeover by Chinese meat company Shuanghui in late May.

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The SEC alleges Rungruangnavarat cornered the market in Smithfield options and futures in the days before the takeover as well as buying Smithfield stock.

It says a Thai conglomerate was also considering a bid for Smithfield and Rungruangnavarat had links to its investment bank. The bank had access to a data room that Smithfield established for potential buyers.

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