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The Securities and Exchange Commission

SEC News Release
SEC News Release
From : Home > SEC News Release

No. 090 / 2016

Wednesday 21 September 2016


Bangkok, 21 September 2016 – The Criminal Fining Committee has imposed separate fines on three offenders involved in false statement and insider trading of Rasa Property Development Public Company Limited (RASA)*, whose names and offenses are as follows:

(1) Mr. Rapi Pinijchob disseminated false statements, (2) Ms. Chanthani Thanompongchat took advantage of inside information to buy RASA shares and persuaded other persons to do the same, and (3) Mrs. Panadda Soontornsaratul assisted Chanthani’s insider trading by allowing her to use her trading account for the purpose.

Following a referral from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, it was found that on 20 January 2014 Rapi, then managing director and major shareholder of RASA, reported to the SET that the company neither approached nor was approached by any person interested in acquiring the company, and that he was unaware of any proposal for business takeover, while in fact a group of new investors had already expressed an interest to acquire the business, and it was Rapi himself who had signed on the associated memorandum of understanding and arranged for the new investors to conduct a due diligence on the business and assets of RASA.

Rapi’s dissemination of false statements or any other statement with the intention to mislead other persons concerning the facts related to the financial condition, the business operation or the share price of RASA was in violation of Section 238 and liable to the penalties under Section 296 of the Securities and Exchange Act of 1992 (SEA). He agreed to enter the fining process. The Criminal Fining Committee thus fined him 500,000 baht.

Such fine penalty has caused him to possess untrustworthy characteristics of directors and executives of securities issuers and listed companies. The SEC will consider further action regarding the matter.

In the case of Chanthani, on 10 April 2014 she had access to the insider information regarding the proposal for business acquisition by virtue of her position as the company secretary of RASA responsible for the organization of the board of directors’ meetings. On the following day, she purchased 120,000 RASA shares through Panadda’s trading account before RASA disclosed the material information to the public via the SET Information Disclosure System, and persuaded her relatives to buy the shares based on the insider information as well. Chanthani later earned capital gains from selling the shares within the same month of the year.

Chanthani’s two counts of misconduct were in violation of Section 241 and liable to the penalties under Section 296 of the SEA. She agreed to enter the fining process. The Criminal Fining Committee thus imposed her a fine of 1 million baht.

In the case of Panadda, she was an employee of a subsidiary of RASA major shareholder’s company. She had a close relationship with Chanthani and allowed her to use her own trading account for the insider trading of the RASA shares.

Panadda’s assistance to the aforesaid insider trading was in violation of Section 241 of the SEA in conjunction with Section 86 of the Penal Code. She agreed to enter the fining process. The Criminal Fining Committee fined her 333,333.33 baht.
 


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Note:
* The company’s name was changed to Singha Estate Public Company (S) Limited on 18 September 2014.


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