No. 171 / 2014
Wednesday 26 November 2014
Bangkok, November 26, 2014 – The SEC revealed that the Settlement Committee fined Anothai Phornprapha, Prapol Phornprapha and Prin Phornprapha, as principal, along with two aiders and abettors, namely Amornrat Kongsitthanakorn and Rachada Srivirojnawong for using inside information to purchase S.P. Suzuki Plc. (SPSU) shares for their own and other persons’ benefits. The total fine was 12,831,738.66 baht.
With the referral from the Stock Exchange of Thailand (SET), the SEC probe found that during April 8 – June 15, 2010, Anothai, Prapol and Prin had purchased SPSU shares through securities trading accounts of Amornrat and Rachada. The purchases were made in such a way that taking advantage of others by using non-public information material to SPSU share price. As Anothai was one of the sellers comprising SPSU, S.P. International Co., Ltd. (SPI) and some of Phornprapha family members, they learnt of a draft Memorandum of Understanding (MoU) where Suzuki Motor Corporation planned to purchase from the said sellers the shares of Thai Suzuki Motor Co., Ltd. The MoU prescribed a condition that the sellers must proceed to either close down the business or delist SPSU shares from the SET. Later, SPI launched a tender offer to purchase SPSU shares at the price higher than the market price during such period.
The said actions were in violation of Section 241 of the Securities and Exchange Act B.E. 2535 (1992). As they agreed to enter the settlement procedure, the Settlement Committee fined Anothai 2,580,211.77 baht, Prapol 2,948,813.46 baht and Prin 6,636,046.77 baht, respectively. Amornrat and Rachada were fined 333,333.33 baht each.