Bangkok, January 20, 2009 – The SEC’s Settlement Committee appointed by the Minister of Finance under Section 317 of the Securities and Exchange Act of 1992 (SEA) resolved to impose fines on nine offenders for manipulating share prices of TWZ Corporation Plc. (TWZ) and Wyncoast Industrial Park Plc. (WIN) and insider trading of Ascon Construction Plc. (ASCON) shares with details as follows:
TWZ price manipulation: Following the Stock Exchange of Thailand (SET)’s report on irregular trading of TWZ shares from December 13, 2005 to May 8, 2006 (97 working days), the SEC probed into the case and found that Yanyong Akrajindanon, Eak Putagotirat, Arunya Silathong and the other two persons, with Piyanuj Rungkasiri as the accomplice, had entered into a continuous trading of TWZ shares, through their accounts and others, causing its price to be inconsistent with the normal market conditions and luring the general public into buying and selling TWZ shares. The course of action is considered a violation of Section 243 (2) of the SEA and Section 83 of the Penal Code. With the penal provisions prescribed in Section 296 of the SEA, the Settlement Committee imposed a total fine of 47,637,551.16 baht on (1) Yanyong (29,461,550.99 baht), Eak (14,430,242.68 baht), Arunya (3,245,757.49 baht) and Piyanuj (500,000 baht). The other two persons, suspected of having involved in the course of action, are still under legal proceedings.
WIN price manipulation: In another SEC’s investigation which probed into the abnormal trading of WIN shares during March 10-24, 2006 (11 working days), it was found that Suwanna Maneesawat, Pornpat Sripornpat and Thiparat Suthamsamai had collusively traded WIN shares in concealment, causing its prices to be inconsistent with the normal market conditions, to mislead and induce the general public into buying and selling such shares. The act is considered a contravention of Section 243 (1) (2) in conjunction with Section 244 (2) (3) of the SEA and Section 83 of the Penal Code, with liabilities prescribed in Section 296 of the SEA. The Settlement Committee therefore imposed a total fine of 1,500,000 baht on the three offenders or 500,000 baht each.
ASCON insider trading: According to the SET’s report and the SEC’s in-depth investigation, ASCON Chief Executive Officer Pattanapong Tanumathaya and Director Sirichai Rasameechan were found to have purchased ASCON shares, through their accounts and others, using the information about the company’s capital increase which is material to changes in its share price but had not yet been disclosed to the public. Their act is deemed securities trading by using inside information to take advantage of others which is a contravention of Section 241 and subject to liabilities under Section 296 of the SEA. As such, the Settlement Committee imposed fines on Pattanapong and Sirichai in the amount of 530,494.98 baht and 500,000 baht respectively. Sirichai was also subject to a further fine of 201,625 baht for failure to report his securities holding, which is a violation of Section 59 with liabilities prescribed in Section 275 of the SEA.