No. 88 / 2010
Thursday 23 December 2010
Bangkok, December 23, 2010 – The Settlement Committee has imposed a total fine of 833,333.33 baht on Sinsathien Aimpoolsab and Sompis Poopiewngien for using undisclosed information they had obtained by virtue of their positions to purchase shares of Professional Waste Technology (1999) Public Company Limited (PRO).
The SEC investigation, following a referral from the Stock Exchange of Thailand (SET), revealed that Sinsathien, then managing director and president of PRO, had access to material nonpublic information about a joint venture between PRO and Enviro-Hub Holding Limited (E-Hub) while he was representing PRO in the negotiation with E-Hub in such deal and attending meetings of the joint venture working group. The nonpublic information he had gained was material to PRO share price.
Before such information became public, Sinsathien had purchased PRO shares through the trading account of Sompis during January 11-31, 2007. His action was deemed using inside information to gain unfair benefits over other persons in contravention of Section 241 of the Securities and Exchange Act of 1992 and thus liable to penalties under Section 296 of the said Act.
As his aider, Sompis is subject to penalties under Section 296 of the Act in conjunction with Section 86 of the Criminal Code. Both persons agreed to enter the settlement procedure. The Settlement Committee imposed a respective fine of 500,000 baht and 333,333.33 baht on Sinsathien and Sompis, totaling at 833,333.33 baht.
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