The SEC’s investigation revealed that on 7 and 11 June 2024, the Board of Directors of NEX resolved to issue and offer 75,000,000 newly issued ordinary shares through a private placement (PP), with an allocation to Mr. Kanit, who was then the Chief Executive Officer and Vice Chairman. This constituted a large-scale transaction between the company and its executive, qualifying as a related party transaction, which required disclosure to the Stock Exchange of Thailand (SET).

NEX disclosed the information through the SET information disclosure system on 17–18 June 2024, using outdated data on Mr. Kanit’s shareholding that was not current at the time. This amounted to disclosure to the SET that concealed material facts relating to Mr. Kanit’s actual shareholding in NEX.

Such conduct by NEX constitutes an offense under Section 281/10(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA), subject to civil sanctions under Sections 317/4 and 317/5 of the SEA. As the responsible executive, Mr. Kanit caused NEX to commit the violation and is therefore subject to the same liability under Section 300 in conjunction with Section 281/10(2) of the SEA.

The Civil Sanction Committee (CSC) resolved to impose civil sanctions on both offenders, requiring each of them to pay a civil penalty and reimburse the SEC’s investigation expenses, totaling 535,361 baht per person.

The civil sanctions above will take effect upon each offender’s signing a consent letter agreeing  to comply. If the offenders refuse 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, which must not be lower than those specified by the CSC.  

All civil penalties shall be remitted to the Ministry of Finance as public revenue.