Bangkok, 29 December 2020 – Today SEC files a criminal complaint with the Economic Crime Suppression Division (ECSD) alleging that four offenders named (1) Mr. Thanadej Srinarong (then named Mr. Promakran Srinarong), (2) Mrs. Naruedee Kheowying, (3) Mr. Nitis Sillamat, and (4) Mr. Winyoo Amnauysombat had manipulated the price and volume of shares of Asia Corporate Development Public Company Limited (ACD) (currently named Green Resources Public Company Limited (GREEN)). SEC also reports the case to the Anti-Money Laundering Office (AMLO) for consideration of further action.
The Office of Securities and Exchange
Commission (SEC) has been notified by the Stock Exchange of Thailand about
the artificial appearance of ACD shares during the end of year 2014 causing by the trading activities
of one group of individuals. According to the SEC’s further investigation,
there was sufficient evidence showing that on 7 and 17 November 2014 Thanadej,
Naruedee, Nitis and Winyoo had agreed or conspired on creating the false
appearance of the price and volume of ACD shares by continuously transacted in
the shares pushing it to the higher price. This actions misled the general
public about the real market of ACD shares.
The acts of the offenders violated Section
241(1) and subject to the penalties under Section 296 of the Securities and
Exchange Act B.E. 2535 (SEA) in conjunction with Section 83 of the
Criminal Code. According to the Fifth Amendment of the Securities and Exchange
Act in 2016 (B.E. 2559), the action of share manipulation is still the offense
under Section 244/3 and subject to the penalties under Section 296 of the SEA. Therefore,
SEC has filed a criminal complaint against the said persons requesting ECSD to
consider legal action.
Concurrently, SEC has notified the filing
of such criminal complaint to the Anti-money Laundering Office (AMLO) because the
offense of manipulating price and volume of securities is deemed as a
predicate offense under the Anti-money Laundering Act B.E. 2542, as
amended.
In any case, filing a criminal complaint is
mere commencement of the criminal procedures whereby the consideration of
whether any person is guilty is subject to the inquiry official’s
investigation, the public attorney’s prosecution, and the court’s adjudication,
respectively.
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