Following the referral from the Stock Exchange of Thailand (SET) in September 2023 and the SEC’s further investigation, the findings and evidence indicated that during 1–13 June 2023 the four offenders, namely (1) Mr. Voradit Thanapatra, (2) Miss Pavasut Jotikasthira, (3) Mrs. Marguerite Linda Dalal, and (4) Miss Kanya Rakthong, who are interconnected through personal relationships, business relationships, and securities trading accounts, jointly engaged in manipulating the price or trading volume of AKP shares. This was carried out by placing buy or sell orders for AKP shares at nearly identical prices, quantities, and times, resulting in matched trades among themselves. They also submitted buy orders at multiple price levels to obstruct other investors and push the price of AKP shares upward. Such conduct misled the public regarding the price or trading volume of the securities and placed orders on a continued basis with the intent to cause the price or trading volume of the securities to deviate from normal market conditions.

In addition, the four offenders engaged in Big Lot trading of AKP shares among themselves at prices higher than the market price, with the intention of inducing other investors to believe that there was strong demand for AKP shares at elevated prices. As a result, other investors followed suit and entered into trades. Once the price had increased, the accused group gradually sold their holdings to realize profits.

The actions of the four offenders constitute an offense of jointly manipulating share prices under Section 244/3(1)(2) in conjunction with Section 244/5(2)(3)(5) and Section 244/6(3) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) (as applicable), and Section 83 of the Criminal Code, and are subject to penalties under Section 296, Section 296/1, and Section 296/2 of the SEA.

The Civil Sanctions Committee (CSC) has therefore resolved to apply civil sanctions to the four offenders by prescribing the following civil sanctions:

    (1) Mr. Voradit shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 675,056 baht. In addition, Mr. Voradit shall be suspended from trading securities or derivatives for 17 months and barred from serving as a director or executive for a period of 34 months;  

    (2) Miss Pavasut shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 551,654 baht. In addition, Miss Pavasut shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive for a period of 22 months;  

    (3) Mrs. Marguerite shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 5,777,109 baht. In addition, Mrs. Marguerite shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive for a period of 22 months;  

    (4) Miss Kanya shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 1,654,079 baht. In addition, Miss Kanya shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive for a period of 22 months.  

The civil sanctions prescribed by the CSC will take effect once the offender signs a letter of consent agreeing to comply with the sanctions. If the offender refuses to extinguish the case, the SEC will request the public prosecutor to file a lawsuit in the Civil Court seeking the maximum applicable civil sanctions as provided by law.

Civil penalties and compensation for benefits received or that should have been received from committing the offense shall be remitted to the Ministry of Finance as public revenue.