Bangkok, March 16, 2016 - The Criminal Fining Committee has imposed a total fine of 25,322,064.39 on four offenders for using insider information to purchase ordinary shares and warrants of {X1} Public Company Limited.

The four offenders are: (1) {A}, (2) {B}, (3) {C}, and (4) {D}.

The SEC, meanwhile, has filed a criminal complaint against two other offenders, namely (1) {E}, and (2) {F}, for using insider information to purchase {X1} Public Company Limited shares.

Following a referral from the Stock Exchange of Thailand, the SEC's further investigation has revealed that {A} and the three other persons in the same group purchased {X1} Public Company Limited shares and {X1}-W warrants and gained benefits from such transactions. {A}, who was chairman of the management committee of {X1} Public Company Limited, had the decision making power over the terms and conditions of an agreement between {X1} Public Company Limited and SCG Distribution Co., Ltd. (SCG), a wholely owned subsidiary of The Siam Cement Public Company Limited, with regard to SCG's plan to hold at least 30 percent of {X1} Public Company Limited's total voting shares by purchasing {X1} Public Company Limited ordinary capital shares through a private placement. In this regard, SCG would make a partial offer of {X1} Public Company Limited shares, which was expected to increase business strength for {X1} Public Company Limited.

The aforementioned agreement was publicly disclosed on 27 August 2012. However, it was found that during 29 June - 23 August 2012 {A} took advantage of the then non-public information to purchase 8,022,881 {X1} Public Company Limited shares and 3,500,700 {X1}-W warrants through the trading accounts of several other persons with whom he had close relationship. In this regard, {B}, {C} and {D} assisted him with his purchases and clearing transactions.

In the case of {E}, the evidence presented a ground to believe that he had known of the facts concerning such joint venture by virtue of his position as an audit committee member and independent director of {X1} Public Company Limited. Evidently, he purchased 75,000 {X1} Public Company Limited shares on 22 August 2012 through the trading account of {F}.

Any securities purchase that makes use of a non-public fact that is material to potential change in the securities price is deemed to be taking an unfair advantage of other people. Such action is in violation of Section 241 and liable to the penalties under Section 296 of the Securities and Exchange Act of 1992.

The misconducts of {A} {B} {C} and {D} were in violation of Section 241. The Criminal Fining Committee has imposed a fine of 24,322,064.40 baht on {A}, and a separate fine of 333,333.33 baht on each of the other three persons for aidding and abetting in the case. 

{E} and {F} refused to enter the criminal fining process. The SEC, therefore, filed a criminal complaint with the Department of Special Investigation (DSI) for further legal proceedings. As a result, {E} is deeemed to possess untrustworthy characteristics and therefore banned from holding the positions of director and executive of any securities issuing company or listed company as long as he is subject to the complaint and legal action.  

In any case, filing a criminal complaint commences the criminal justice administration whereby the consideration whether a defendant is guilty will be proceeded by the DSI and the public prosecutor, and the court will judge the case, respectively.

Information contained in this news release is as of the aforementioned release date. For those who wish to see current status of the matter, please go to compliant filed with inquiry officer