The SEC’s examination has revealed that GIFT’s 2021 annual financial statements showed a significant decline in performance, prompting a detailed investigation. The findings revealed that during 2019–2020, Mr. Perajed Suwannapasri (then serving as director and executive of GIFT) facilitated a group of former GIFT sales employees in establishing Gratitude Global Co., Ltd. (now renamed Glooming Global Co., Ltd.), a name similar to GIFT’s former name (Gratitude Infinite Public Company Limited), to operate a business of the same nature as GIFT and in direct competition with GIFT. Evidence indicated that he transferred funds to pay for capital shares during the founding of Glooming Global Co., Ltd. and was acquainted with and connected to shareholders and executives of Glooming Global Co., Ltd. The establishment of Glooming Global Co., Ltd. resulted in a significant decline in GIFT’s performance and revenue. Additionally, he benefited from the operation of Glooming Global Co., Ltd. through loans from directors and executives who were his close associates.

Mr. Perajed Suwannapasri’s actions constituted a failure to perform his duties with responsibility, prudence, and integrity, causing damage to GIFT or benefiting himself or others through such misconduct. This is a violation under Section 89/7, with penalties stipulated in Section 281/2, Paragraph 1, of the Securities and Exchange Act B.E. 2535 (1992), and subject to civil sanctions under Sections 317/4 and 317/5 of the same Act.

The Civil Sanctions Committee (CSC) has resolved to impose civil sanctions on Mr. Perajed Suwannapasri, requiring him to pay a civil penalty and a reimbursement of the SEC’s investigative expenses, totaling 982,265 baht, and prohibiting him from serving as director or executive of securities issuing companies or securities companies for 30 months.

Civil sanctions imposed by the CSC will take effect when the offenders sign a letter 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 must not be lower than those specified by the CSC.   

In all cases, civil penalties and compensations for the benefits received from committing offenses are remitted to the Ministry of Finance as public revenue.