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SEC signs MOU between three agencies to promote legal execution to boost confidence in the capital market



Friday 28 December 2018 | No. 176 / 2018


Bangkok, 28 December 2018 - SEC together with the Legal Execution Department and Department of Legal Execution, Office of the Attorney General, signed a Memorandum of Understanding at the SEC office, Vibhavadi-Rangsit Road, for the promotion of legal execution against offenders in the capital market with a view to prevent property transfer and increase efficiency in collecting property to pay civil and criminal fines, which will boost confidence in the capital market.

On December 28, 2018, SEC together with the Legal Execution Department and the Department of Legal Execution, Office of the Attorney General, signed a Memorandum of Understanding for the benefit of legal execution  against offenders. It is the integration of collaboration between the three agencies, supporting the functions of each agency including exchanging information, knowledge and expertise in the prevention of the transfer of property enabling the collection of assets of offenders or defendants to pay civil fines or pay compensation according to civil sanctions measures which will achieve the purpose of law enforcement according to the authority of the three agencies. This includes executing the case with the fined person in a criminal case in order to effectively seize property or attach claims on the property of the convicted person to be fined and achieve the effects of law enforcement.

SEC Secretary-General, Rapee Sucharitakul said: "Effective law enforcement is an important part of building confidence in the capital market. Implementing lawsuits quickly and actually against law violators will have the effect of suppressing and deterring wrongdoing in the future. Therefore, the completion of this cooperation agreement is an important step toward promoting the capital market as an investment source and fund mobilizer with credibility and contribute to the overall economic development of the country."

Director-General of the Legal Execution Department, Ms. Ruenvadee Suwanmongkol, said: "The signing of this Memorandum of Understanding is a vital integration of the work of relevant agencies to enable greater effectiveness in law enforcement and execution and create a link and exchange of information between them which will promote justice, confidence and achieve results in law enforcement. "

Director-General of the Office of Legal Execution, Office of the Attorney General, Mr. Chatree Suwannin, said: "The Office of the Legal Execution Department, Office of the Attorney General has a mission to protect the interests of the state. It is vital in undertaking the charges of offenders with fines in criminal cases under Section 29/1 of the Criminal Code, legal execution  in breach of bail and civil and administrative cases on behalf of the government or state agency when a public prosecutor accepts to take charge of such execution. With a database of debtors under the judgments and status and property inspection, the property can be verified by order of the public prosecutor and is considered a mandate of the public prosecutor under the Criminal Code, as per the Public Prosecution Organ and Public Prosecutors Act B.E. 2553 (2010), Section 16, Section 18 and Section 23. Violators may be punishable under the Criminal Code, Section 168 or Section 169, with imprisonment not exceeding three months or a fine not exceeding five thousand baht or both.

The development of the legal execution  process requires cooperation between government agencies in order to obtain a wider and more comprehensive database. Therefore, achieving this cooperation agreement is extremely important in the development of legal execution in cases in the interest of the state, the effective suppression of offenders and strengthening the public’s confidence in the capital market. This will allow the state to receive economic benefits from the implementation of the actual legal execution ."

In this regard, the proceedings as agreed in this memorandum shall comply with the laws, rules and regulations for which the three agencies are answerable according to the law and shall not conflict or contradict with the public interest of which the three agencies are responsible for overseeing.