No. 13 / 2011
Thursday 17 February 2011
Bangkok, February 17, 2011 – The Settlement Committee imposed a total fine of 20,635,579.57 baht on Auttawut Phaichai and Patinya Pittayanupakorn for manipulating the share price of TWZ Corporation Plc. (TWZ).
Following the Stock Exchange of Thailand (SET)’s report on irregular trading of TWZ shares, the SEC probed into the case and found that such irregular trading (1) from September 28 to October 26, 2007, (2) from April 28 to 15 May 15, 2008 and (3) June 23-24, 2008 was done by Auttawut Phaichai and Patinya who jointly purchased and sold TWZ shares in a series of trading orders with the intention to induce the general public to purchase or sell such shares. The series of trading orders caused the price of TWZ shares to change inconsistently with the normal market condition.
Such manipulation is in violation of Sections 243 (2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA).The Settlement Committee, therefore, imposed the separate fines of 16,071,788.32 baht and 4,563,791.25 baht on Auttawut and Patinya, respectively.
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