No. 104 / 2011
Thursday 24 November 2011
Bangkok, November 24, 2011 – The Settlement Committee has imposed fines on Annop Limprasert and Kamthorn Prueksrisakorn for manipulating the share price of RS Plc. (RS) at the total amount of 1 million baht.
Following the Stock Exchange of Thailand (SET)’s report on the irregular trading of RS shares due to a particular group of people, the SEC probed into the case and found that during November 13-16, 2007, Annop connived or agreed with Kamthorn to trade RS shares in a manner that inflated and stabilized the share price in concealment to mislead the public to believe in the artificially high trading volume. They also traded RS shares on a continual basis, causing the share price to be inconsistent with the normal market condition to induce the public to trade RS shares.
The acts of Annop and Kamthorn were considered trading securities in concealment to mislead the public in contravention of Section 243(1) in conjunction with Section 244 and Section 243(2) of the Securities and Exchange Act of 1992 and Section 83 of the Criminal Code. The Settlement Committee, therefore, imposed a separate fine of 500,000 baht on both.