Earlier, the Civil Sanction Committee (CSC)
resolved to impose civil sanctions on a total of 15 offenders**
in connection with the STAR price manipulation case. The sanctions required the
offenders to pay a total of 65,170,068 baht (comprising civil penalties, compensation
for the benefits received or that would
have been received and reimbursements of investigative expenses incurred by the
SEC). These individuals were also prohibited from trading securities and
derivatives for 14, 24, 25, or 39.5 months (as the case may be) and from
serving as directors or executives of securities issuing companies and
securities companies for 28, 48, 50, or 79 months (as the case may be).
In this regard, five of
the offenders agreed to comply with the civil sanctions imposed by the CSC.
However, the remaining 10 offenders: Mrs. Ananya, Mrs. Kingkarn, Miss Narumon,
Mr. Dome, Miss Nutchanan, Mr. Susicthak, Mr. Thanakrit, Miss Pastharee, Mr.
Praphon, and Mr. Karn refused to comply, which indicates their unwillingness to
settle the case at the SEC level.
Therefore, the SEC has submitted the case in writing to the public
prosecutor for filing lawsuit in the Civil Court to seek
civil sanctions with civil penalties at the total amount of 47,918,019.93 baht plus
interest, together with a prohibition on trading in securities and derivatives
and a bar from serving as directors or executives, each in line with the
severity of their misconduct, and at the maximum applicable statutory
penalties.
Furthermore, the SEC has referred this matter to the Anti-Money
Laundering Office (AMLO) for further consideration within its authority, as the
unfair securities trading practices involved constitute predicate offenses
under the Anti-Money Laundering Act B.E. 2542 (1999).
Notes:
*
Star Universal
Network Public Company Limited (STAR) has changed its name to Well Management Corporation
Public Company Limited (WELL).
** SEC
News Release No. 55/2024 headlined: “SEC imposes civil sanctions on 15
offenders for price manipulation of STAR shares, released on 7 March 2024: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10641