THE Bank of Thailand governor has been placed in an embarrassing position by the revelation that he ordered the National Intelligence Agency to investigate his deputy, who was also the former head of the Securities and Exchange Commission (SEC).
The director of the intelligence agency revealed to the Thai-language newspaper Matichon that central bank governor Vichit Supinit told him to investigate Ekamol Kiriwat in 1994.
Mr Vichit has until now firmly denied he instigated any investigation.
Mr Ekamol, a 25-year veteran of the traditionally conservative central bank, was a deputy governor of the Bank of Thailand as well as SEC chief until he was abruptly sacked from both over Christmas.
Most observers are convinced the vague charges laid against the former SEC chief of having leaked state secrets are essentially baseless and stem from personal rivalry.
However what has all the makings of a colourful scandal has serious implications: the allegation of dirty dealing at the very top of the Bank of Thailand undermines an institution that is widely seen as an oasis of stability in the often chaotic world of Thai government.
Indeed, insiders say the sacking of a regulator admired for his honesty and determination to bring some discipline to Bangkok's sometimes anarchic stock market smacks of something rotten at the heart of one the country's most important institutions.
