SEC puts Maris on probation

       The Securities and Exchange Commission has put Maris Tarab, managing director of ING Funds, on a three-year probation following his failure to protect the interest of TU Dome Residential Complex Property Fund (TU-PF) unit holders.
       Maris was also fined Bt231,750, while ING Funds had to pay a penalty of Bt1.9 million. Siam City Bank, as the fund's trustee, was fined Bt421,650.
       The SEC statement said it had discovered that the three parties had failed to perform their duty of making unit holders' benefits their top priority.
       TU-PF had declared that it was going to invest in a building on a land plot that had a 30-year lease in one individual's name. However, it turned out that several other people also owned the plot.
       Despite knowing about the land's joint ownership, Maris had the fund pay Bt173.5 million to the lessee and the contractor without seeking approval from the unit holders.
       This action faces the risk of being opposed by the joint owners, which in turn could hurt the unit holders.
       He also had the fund pay leasing fees worth Bt808.4 million before the long-term lease was signed.
       In 2008, Maris and ING Funds tried to solve the problem. The lessee became the plot's single owner when the 30-year lease was signed.
       The company also waived its management fee for five months and reduced it by half to 0.25 per cent of net asset value for 31 months.