No. 19 / 2016
Wednesday 16 March 2016
Bangkok, March 16, 2016 – The Criminal Fining Committee has fined Pichet Boonyapakdee, a former executive of M-Link Asia Corporation Public Company Limited (MLINK), for making a statement that was false or intended to mislead other persons about the financial condition or the share price of MLINK, now renamed as Ferrum Public Company Limited (FER).
Following a referral from the Stock Exchange of Thailand (SET), the SEC’s further inspection has revealed that on 3 November 2014, Pichet, then director, executive director and managing director of accounting and finance of MLINK, reported to the SET a false statement regarding capital increase of the company.
Given that Pichet was assigned to study and make an improvement plan for MLINK’s financial condition and capital structure, he must have learned the facts and development of the company’s capital increase all along. However, on 3 November 2014 at 12.53 p.m. he notified the SET that the news of MLINK holding a management meeting whose main agenda was to discuss fundraising for business expansion, as earlier appeared on a newspaper, was entirely unfounded, while in fact he knew fully well that the fundraising had already been considered by the management and proposed for the board of directors’ approval at the board’s meeting on the same day at 12.30 p.m.
His misconduct of making a false statement or a statement that was intended to mislead other persons was in violation of Section 238 and liable to the penalties under Section 296 of the Securities and Exchange Act of 1992. He was imposed a criminal fine of 500,000 baht.