Following a referral from the Stock Exchange of Thailand (SET) in 2022 and the SEC’s further investigation, evidence revealed reasonable grounds to believe that a group of eight individuals, namely – (1) Mr. Boon-aue Chitthanom, (2) Miss Kittiya Utokyota, (3.) Mr. Pinyo Ruckapunmetee, (4) Mr. Phakpoom Termsereekul, (5) Mr. Sittichai Phonsap-anan, (6) Mr. Sathaporn Phothong, (7) Mr. Suwit Cheewatham, and (8) Mr. Phongpat Cheewatham – with personal, financial relationships and securities trading activities, colluded to manipulate the price and/or trading volumes of SA shares during the period of 29 July 2021 to 31 March 2022 (totaling 167 business days). Their trading activities included 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, controlling opening and closing prices by sending buy or sell orders during the pre-opening and pre-closing periods in a manner that pushes the projected opening or closing price to increase. Consequently, their actions misled the public and caused the price or trading volumes of the SA shares to deviate from normal market conditions.

The actions of the eight offenders above constitute a violation of Section 244/3 (1) and (2), in conjunction with the presumption under Section 244/5 of the Securities and Exchange Act B.E. 2535 (1992) (“SEA”), in conjunction with Section 83 of the Criminal Code, as the case may be, and subject to the penalties under Section 296, Section 296/1 and Section 296/2 of the SEA. The SEC has therefore filed criminal complaints against the eight offenders with the DSI for further legal action. 

Concurrently, the SEC has reported these legal proceedings above to the AMLO for consideration of further action because such offenses are unfair activities related to securities trading, which constitute a predicate offense under the Law on Anti-Money Laundering.    

Following the criminal complaints filed by the SEC, the criminal enforcement process will proceed with an investigation by the inquiry official, a prosecution of the public prosecutor, and an adjudication of the court of justice, respectively. In this regard, the SEC will monitor progresses in the legal proceedings and will cooperate fully with relevant agencies to support legal enforcement under the SEA after the criminal complaint has been filed.