No. 23 / 2016
Wednesday 16 March 2016
Bangkok, March 16, 2016 – The Criminal Fining Committee has imposed a fine of 500,000 baht on Somchai Chaisrichawla for manipulating the share price of Asia Metal Public Company Limited (AMC).
Following a referral from the Stock Exchange of Thailand, the SEC’s further investigation has revealed that Somchai colluded or agreed with Chaninan Luangwaykin to use his own securities trading account or other persons’ accounts to purchase and sell AMC shares in concealment and on a continual basis during 13 September – 16 November 2006 to mislead the general public to believe that the AMC shares were being traded in great volume and the price was changing inconsistently with normal market conditions, to lure the public into trading such shares.
Somchai’s offense was in violation of Section 243 (1), Section 244 and Section 243 (2) of the Securities and Exchange Act of 1992 (SEA) in conjunction with Section 83 of the Penal Code, and liable to the penalties under Section 296 of the SEA.
In September 2012, the SEC filed a criminal complaint with the Department of Special Investigation against Somchai. He was later imposed a criminal fine of the said amount of 500,000 baht instead.
In the case of Chaninan, she was earlier imposed a criminal fine on 20 August 2012 (details in SEC News No. 83/2012).