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SEC submits the NMG, EIC and TH price manipulation cases to the public prosecutor for civil lawsuits against nine offenders (SEC News)
SEC requested civil lawsuits against nine offenders for price manipulation of NMG, EIC, and TH shares. Offenders must pay 33,677,137.50 baht and are prohibited from trading securities. Proceedings forwarded to public prosecutor and Anti-Money Laundering Office.
Bangkok, 24 June 2024 – The Securities and Exchange Commission (SEC) has requested the public prosecutor to file civil lawsuits against nine offenders in the price manipulation cases of NMG, EIC and TH shares to enforce the maximum civil penalties and specify the time period of prohibiting these offenders from trading securities and derivatives and serving as director or executive of securities issuing companies and listed companies (as the case may be).
Earlier, the Civil Sanction Committee (CSC) resolved to impose civil sanctions on the nine offenders* on account of manipulating the share prices of Nation Multimedia Group Public Company Limited (NMG), Electronics Industry Public Company Limited (EIC), and Tong Hua Holding Public Company Limited (TH), requiring them to pay a total, collective monetary civil sanctions of 33,677,137.50 baht (consisting of civil penalties, compensations in the amount equal to the benefits received or would have been received, and reimbursements of investigative expenses incurred by the SEC) and prohibiting them from trading securities and derivatives for a period of 30 months or 28 months or 14 months (as the case may be), and prohibiting them from serving as director or executive of securities issuing companies and listed companies for a period of 60 months or 56 months or 28 months (as the case may be).
The nine offenders above are (1) Mr. Yanyong Intarasongkarw, (2) Mr. Panurak Saengaram, (3) Mr. Ekkavit Kamontaypa, (4) Mr. Siwasit Sainumphung, (5) Ms. Kannida Tangkittrongcharoen, (6) Mr. Pakkawan Wongopasi, (7) Mr. Koravit Asawakul, (8) Ms. Kanchanarath Wongphan, and (9) Mrs. Maliwan Wongchinsri. All of them have refused to comply with the civil sanctions imposed by the CSC. It is thus considered that they have refused to end the cases according to the SEC proceedings.
The SEC has therefore submitted a written request to the public prosecutor to file civil lawsuits against the nine offenders in the Civil Court to seek all applicable civil penalties at the maximum level as specified by law, namely the total collective monetary civil penalties of 38,017,397 baht with interest, and the time period of prohibiting the nine offenders from trading securities and derivatives and serving as director or executive of securities issuing companies and listed companies (as the case may be).
Furthermore, the SEC has reported the above proceedings to the Anti-Money Laundering Office for further consideration of actions under the AMLO authority as the offenses are deemed unfair activities concerning the aforesaid companies’ securities trading transactions, which constitutes a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999).
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