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SEC News Release
SEC News Release
From : Home > SEC News Release

No. 37 / 2016

Wednesday 20 April 2016

Bangkok, April 20, 2016 – The Settlement Committee has imposed a fine of 14,640,844.50 baht on Chayanont Weerayuthkosol for manipulating the share price of Chuo Senko (THAILAND) Plc. (CHUO).

According to a referral from the Stock Exchange of Thailand and the SEC’s further investigation, Chayanont was found to have traded CHUO shares continuously during 28 April – 30 May 2014, in such a way that controlled, sustained and influenced the price of such shares continuously to lure the general public to purchase and sell CHUO shares as well.

The closing price of CHUO shares rose from 9.40 baht on 25 April 2014 to 15.00 baht on 30 May 2014, accounting for a 5.60 baht or 59.57 percent increase. In addition, during his trading period, the share price reached its peak at 21.60 baht, accounting for a 12.20 baht or 129.78 percent rise, and the average daily trading volume increased from 0.37 million to 4.33 million shares.

Chayanont’s action caused the price and trading volume of CHUO shares during his trading period to be inconsistent with normal market conditions to mislead other persons that CHUO shares were in high demand at the time and lure them to trade such shares accordingly.

His offense was in violation of Section 243 (2) and liable to the penalties under Section 296 of the Securities and Exchange Act of 1992, i.e., imprisonment for a term not exceeding two years or a fine not exceeding twice the value of the benefit received or should have been received but not less than 500,000 baht, or both.

Chayanon agreed to enter the settlement process and was fined at the said amount of 14,640,844.50 baht.

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