Bangkok, July 26, 2016 - The Criminal Fining Committee has imposed fines at the total amount of 8,618,831.25 baht on (1) {A}, (2) {X1} Public Company Limited, (3) {B}, and (4) {C} for selling shares of {X2} Public Company Limited based on nonpublic information.

Following a referral from the Stock Exchange of Thailand (SET), the SEC's further investigation has revealed that during 28 August 2012 - 30 October 2012, {X2} Public Company Limited's executive, major shareholder and related persons used nonpublic information that would affect the {X2} Public Company Limited share price to gain an unfair advantage by selling {X2} Public Company Limited shares to avoid a loss from the reduction of the share price.

The nonpublic information material to the {X2} Public Company Limited price was the fact that {X2} Public Company Limited had to increase its registered capital shares at the amount of 250 million baht to solve the issue of decreasing capital adequacy ratio below the requirement specified under the Insurance Law. The inside information was published via the SET on 30 October 2012 at 20.54 hours.

{A}, who had an access to the inside information by virtue of his position as {X2} Public Company Limited managing director, sold {X2} Public Company Limited shares on 28 August 2012 and 2 October 2012 at the total amount of 70,000 shares.

{B}, who had an access to the inside information by virtue of his position as director and chief executive officer of {X1} Public Company Limited, which was a major shareholder of {X2} Public Company Limited holding 5.49 percent of the total shares at the time, ordered {X2} Public Company Limited shares to be sold from the account of {X1} Public Company Limited during 13-28 September 2012 and 17-25 October 2012, at the total amount of 1,561,600 shares.

{C}, who had an access to the inside information by virtue of his position as a senior executive of a company that was another {X2} Public Company Limited major shareholder, sold the shares in his personal trading account during 3-26 October 2012 at the total amount of 576,000 shares.

The misconducts of the four offenders violated Section 241 and liable to the penalties under Section 296 of the Securities and Exchange Act B.E. 2535 (1992). They all agreed to enter the criminal fining process.

Consequently, {A} was fined at the amount of 612,500 baht, {X1} Public Company Limited at the amount of 703,487.50 baht, {B} at the amount of 500,000 baht and {C} at the amount of 6,802,843.75 baht. The total fine was 8,618,831.25 baht.