According to a referral from the Stock Exchange of Thailand (SET) in 2023 and the SEC’s further investigation, it was revealed that during the period between 2 – 9 September 2022, the four individuals above had personal relationships, financial trails or connections through associated persons. Specifically, (1) Pasu, (2) Vichan and (3) Akarat colluded to manipulate the price or trading volume of TRITN securities by continuously placing buy or sell orders with the intention to cause the price or trading volume of TRITN securities to deviate from normal market conditions, with (4) Natthawat providing assistance or facilitation to Pasu.
The acts of Pasu, Vichan, and Akarat were liable to be an offense of colluding to manipulate securities price in violation of Section 244/3(1)(2) in conjunction with Section 244/5 or Section 244/3(1)(2) in conjunction with Section 244/6, subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), as the case may be, in conjunction with Section 83 of the Criminal Code. Additionally, the act of Natthawat was liable to be an offense under Section 244/3(1)(2) in conjunction with Section 315 of the SEA, subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA.
The Civil Sanction Committee (CSC) has therefore resolved to impose civil sanctions on the four offenders, comprising civil penalties, compensations in the amount equal to the benefit received or would have been received, reimbursements of investigative expenses incurred by the SEC, and a bar from trading securities or derivatives and from serving as director or executive in securities issuing companies or securities companies, with details as follows:
(1) Pasu is required to pay a civil monetary penalty, a compensation for the benefit received or would have been received, and a reimbursement of the investigative expenses incurred by the SEC in the total amount of 32,761,239 baht. Additionally, Pasu is prohibited from trading securities or derivatives for 14 months and from serving as director or executive for 28 months;
(2) Vichan is required to pay a civil monetary penalty and a reimbursement of the investigative expenses incurred by the SEC in the total amount of 539,304 baht. Additionally, Vichan is prohibited from trading securities or derivatives for 11 months and from serving as director or executive for 22 months;
(3) Akarat is required to pay a civil monetary penalty and a reimbursement of the investigative expenses incurred by the SEC in the total amount of 539,304 baht. Additionally, Akarat is prohibited from trading securities or derivatives for 11 months and from serving as director or executive for 22 months;
(4) Natthawat is required to pay a civil monetary penalty and a reimbursement of the investigative expenses incurred by the SEC in the total amount of 539,304 baht. Additionally, Natthawat is prohibited from trading securities or derivatives for nine months and from serving as director or executive for 18 months.
The civil sanctions, as imposed by the CSC, will take effect when the offenders sign the letters of consent, agreeing to comply with the civil sanctions. In the event that any offenders refuse to give consent to the sanctions, the SEC will submit the cases in writing to the public prosecutor for filing a lawsuit in the Civil Court to seek the maximum applicable civil sanctions, which shall not be lower than those specified by the CSC.
In all cases, the civil monetary penalties and the compensations for the benefits received or would have been received from committing the offenses shall be remitted to the Ministry of Finance as public revenue.
Note:
Details of civil sanctions and associated procedures are available at: https://www.sec.or.th/EN/pages/lawandregulations/civilpenalty.aspx