No. 106 / 2013
Wednesday 27 November 2013
Bangkok, November 27, 2013 – The SEC revealed that the Settlement Committee imposed a total fine of 10,488,534.01 baht on Thavatvong Thanasumitra for using inside information to purchase Bangkok Dusit Medical Services Plc. (BGH) shares; as well as Viporn Jitsomwang and Narumon Chainaknan for aiding and abetting Thavatvong’s wrongdoing.
With the referral from the Stock Exchange of Thailand (SET), the SEC probed into the case and found that during November 16 – December 7, 2010, Thavatvong, then a BGH director, had purchased 1,030,000 BHG shares through trading accounts of Viporn and Narumon in the manner that taking advantage of the others for the benefit of himself and others. His action was based on the company positive non-public information material to BGH share price. It was the information on merger of BGH with Health Network Plc. (HN) by means of entire business transfer during 2010-2011. The merger resulted in the large private hospital operator and increase in BGH’s revenue from larger market share.
In this regard, Viporn and Narumon aided and abetted Thavatvong’s action by letting him trade BGH shares through their trading accounts and facilitating financial transactions via the accounts.
Thavatvong’s action was in violation of Section 241 of the Securities and Exchange Act B.E. 2535 (1992) (SEA); while Viporn and Narumon’s actions, as aider and abettor, were in violation of Section 241 of the SEA in conjunction with Section 86 of the Penal Code.
As the three persons agreed to enter the settlement procedure, the Settlement Committee imposed a fine of 9,821,867.35 baht on Thavatvong, and a separate fine of 333,333.33 baht on Viporn and Narumon.