Bangkok, 18 January 2019 ? The SEC has imposed civil sanction on three offenders for manipulating the share price of Bangkok Airways Public Company Limited (BA), namely (1) Mr. Prasert Prasarttong-osoth, (2) Ms. Poramaporn Prasarttong-osoth, and (3) Mrs. Narumon Chainaknan. The offenders were subject to pay civil penalties at the total amount of 499.45 million baht. In addition, they will be banned from holding the director and executive positions at any securities issuing company and listed company.

According to the referral from the Stock Exchange of Thailand (SET) and the SEC's further investigation, during 13 November 2015 - 12 January 2016, Prasert, Poramaporn and Narumon executed trading transactions of BA shares in group and on a continuing basis, and matched trading orders among themselves while concealing their trading activities to mislead the public regarding the share price and trading volume of BA. Consequently, the BA price and trading volume became inconsistent with normal market conditions. 

The three persons? offences were in violation of Section 243(1)(2) in conjunction with Section 244, and liable to the punishments under Section 296 of the Securities and Exchange Act B.E. 2535 (1992) and Section 317/4 (1) of the Securities and Exchange Act (No. 5) B.E. 2559 (2016). 

The Civil Sanction Committee has resolved for the SEC to impose civil sanction on all offenders in the form of civil penalty at the total amount of 499.45 million baht. If any of the three offenders refuses to comply with the civil sanction, the SEC will forward the matter for the public attorney to file a lawsuit in the Civil Court for payment of the maximum civil penalty.

As a result of the civil sanction, the three offenders, who are currently holding the position of director and executive of a listed company, have become liable to possession of untrustworthy characteristics of director or executive of securities issuing company and listed company pursuant to the Notification of the Securities and Exchange Commission No. Kor Jor 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives, dated 23 January 2017.

Consequently, the offenders must vacate the positions as from the date to be specified in the notifying letter of the SEC Office. 

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