No. 83 / 2012
Tuesday 04 September 2012
Bangkok, Sep 4, 2012 – The SEC filed a criminal complaint with the Department of Special Investigation (DSI) against Somchai Chaisrichawla while the Settlement Committee imposed a fine on Chaninan Luangwaykin and Tanakorn Ritthibunlue in the amount of 500,000 Baht each for manipulating share price of Asia Metal PLC (AMC).
With a referral from the Stock Exchange of Thailand on irregular trading of AMC shares, the SEC probed into the case and found that –
(1) From September 13 to November 16, 2006, Somchai Chaisrichawla had colluded with Chaninan Luangwaykin, then Senior Vice President Retail Sales 1 of Siam City Securities Co., Ltd., in using Somchai’s and other persons’ securities trading accounts to continuously trade AMC shares in concealment to mislead the public to believe that such shares were traded in great volume or that such share price was changed, causing the trading of such shares to be inconsistent with the normal market condition to lure the public into the trading; and
(2) From December 26, 2006 to January 19, 2007, Tanakorn Ritthibunlue used many other persons’ trading accounts to continuously trade AMC shares in concealment in a manner similar to the aforementioned.
The acts of Somchai, Chaninun, and Thanakorn were deemed as violation of Sections 243(1), (2) and 244 of the Securities and Exchange Act B.E. 2535 (1992). All of them were allowed to enter the settlement procedure. As Somchai refused, the SEC filed a criminal complaint against Somchai with the DSI on September 4, 2012 while the Settlement Committee on August 20, 2012 imposed a fine on Chaninan and Tanakorn in the amount of 500,000 Baht each. In this regard, the SEC will also pursue administrative action in relation to capital market personnel against Chaninan in this matter.
Information contained in this news release is as of the aforementioned release date. For those who wish to see current status of the matter,
please go to compliant filed with inquiry officer (available in Thai only)