According to a referral from the Stock Exchange of Thailand (SET) during 2022 - 2024 and the SEC’s further investigation, evidence indicates reasonable grounds that 14 entities with personal and financial relationships, either directly or indirectly, colluded or supported one another to manipulate the price and/or trading volumes of THG shares during the period of 18 February 2022 to 28 August 2023 (totaling 369 business days), demonstrating continuous trading activities. Examples include sending trading orders in a manner that pushed prices upward, placing bid offers at multiple price levels in a way that obstructed and pressured other investors to buy at higher prices, and matching trades among themselves. These actions misled the public regarding the price and trading volumes of the securities, causing the price and buy or sell volumes of THG shares to be inconsistent with normal market conditions.  

The 14 offenders above are: (1) Mr. Boon Vanasin, (2) Mrs. Charuvarn Vanasin, (3) RATCHATHANI PHATTANAKARN (2014) CO.,LTD.  (4) Miss Jidapa Phumphut, (5) Miss Sivimol Jadmuang, (6) Mrs. Suchit Muangkasem, (7) Pol. Maj. Gen. Apisit Muangkasem, (8) Mr. Wichai Tipjaiuea, (9) Miss Wilaiwan Tanasuteerachai, (10) Mr. Bovorn Rungruangnavarat, (11) Mr. Ekkachai Tangsatjatham, (12) Mrs. Jirawan Boonchokchuay, (13) Miss Nawanwat Tocharoenniwatsai, and (14) Miss Lapatrada Pumput.

The actions of all 14 offenders above constitute offenses under Section 244/3 (1) and (2) in conjunction with the presumption under Section 244/6 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) and Section 83 of the Criminal Code, or Section 244/3 (1) and (2) in conjunction with Section 315 of the SEA (as the case may be), which carry penalties under Section 296, Section 296/1 and Section 296/2 of the SEA. The SEC has therefore filed criminal complaints against all 14 offenders with the Economic Crime Suppression Division (ECD) of the Royal Thai Police further legal proceedings.

Concurrently, the SEC has reported the proceedings above to the AMLO for further consideration, as the offenses constitutes unfair securities trading, which is considered a predicate offense under the Anti-Money Laundering Act.

After the SEC’s complaints, the subsequent criminal law enforcement process will be an investigation by the inquiry official, a prosecution order by the public prosecutor, and a trial by the court of justice, respectively. The SEC will monitor the progress of the case and cooperate fully with relevant agencies to support law enforcement under the Securities and Exchange Act in the process following the SEC’s complaints.