Bangkok, April 20, 2016 - The Criminal Fining Committee has imposed a fine of 500,000 baht on {A} for using insider information to sell shares of Pacific Pipe Public Company Limited (PAP) through the trading account of another person to seek unlawful personal gain.

Following a referral from the Stock Exchange of Thailand (SET), the SEC's further investigation has revealed that on November 11, 2014 {A}, then PAP independent director, arranged a sale of 147,000 PAP shares in which he had a stake held in the trading account of another person. In so doing, he took advantage of the non-public information available to him by virtue of his position in the company.

Such information included PAP's operating results in the financial statements for the third quarter of 2014, which showed a significant decline in the net earning, i.e., a 74.19 percent drop to 29.57 million baht from 114.57 million baht in the same quarter of the previous year, or a 63.29 percent decrease from the second quarter of 2014, which recorded 80.54 million baht net earning.

{A} managed to avoid loss incurred from the fall of the PAP share price after the company reported the aforesaid information to the SET later on 11 Novermber at 17.41 hours (after SET closing).

His misconduct was in violation of Section 241 and liable to the penalties under Section 296 of the Securities and Exchange Act B.E. 2535 (1992).