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SEC instructs SPRC Audit Committee and auditor to clarify the business email compromise



Monday 2 March 2020 | No. 38 / 2020


Bangkok, 2 March 2020 – SEC has informed the Audit Committee and auditor of Star Petroleum Refining Public Company Limited (SPRC) to provide additional information related to the business email compromise.

SPRC disclosed information via the Stock Exchange of Thailand Information System during 21-26 February 2020 regarding the business email compromise that occurred in late 2019, which resulted in the payment of invoices to an incorrect account. The loss in the email compromise affected significantly the company and the overall shareholders.

SEC is of the opinion that the supervision and management of information technology systems as well as the security of the information system is an essential issue in order to prevent the risks that may occur from cyber threats. Therefore, SEC has informed to the Audit Committee and the auditor to explain the facts and related actions regarding this issue. SEC requires the actions of the Audit Committee to ensure that SPRC has measures to improve the consistency and cybersecurity that is appropriate and sufficient to protect against possible risks from cyber threats.


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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 38 / 2020 Monday 2 March 2020
SEC instructs SPRC Audit Committee and auditor to clarify the business email compromise
Bangkok, 2 March 2020 – SEC has informed the Audit Committee and auditor of Star Petroleum Refining Public Company Limited (SPRC) to provide additional information related to the business email compromise.

SPRC disclosed information via the Stock Exchange of Thailand Information System during 21-26 February 2020 regarding the business email compromise that occurred in late 2019, which resulted in the payment of invoices to an incorrect account. The loss in the email compromise affected significantly the company and the overall shareholders.

SEC is of the opinion that the supervision and management of information technology systems as well as the security of the information system is an essential issue in order to prevent the risks that may occur from cyber threats. Therefore, SEC has informed to the Audit Committee and the auditor to explain the facts and related actions regarding this issue. SEC requires the actions of the Audit Committee to ensure that SPRC has measures to improve the consistency and cybersecurity that is appropriate and sufficient to protect against possible risks from cyber threats.


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