No. 14 / 2011
Thursday 17 February 2011
Bangkok, February 17, 2011 – The Settlement Committee imposed a total fine of 1,185,785.60 baht on Chutchapong Munchupa, former executive of Solution Corner (1998) Plc. (SLC) for using undisclosed information he had obtained by virtue of his positions to sell SLC shares and for imparting a false statement with the intention to mislead any person concerning facts sensitive to the SLC share price.
Following a referral from the Stock Exchange of Thailand (SET), the SEC probed into the case and found that on September 23, 2009, Chutchapong, then deputy managing director and director of SLC, had sold SLC shares by using the company’s undisclosed information concerning a deal on large disposal volume of SLC shares by its major shareholders and executives to a new investor and subsequent changes in the company’s shareholding structure and management before such information became public.
In addition, Chutchapong, on behalf of SLC, had imparted false a statement to the SET on September 28, 2009 by denying the fact that major shareholders and executives were to sell SLC shares with the intention to mislead any person concerning such information which was material to the SLC share price, even though he had learned of such facts from his positions at SLC.
His actions were deemed using inside information to gain unfair benefits over other persons in contravention of Section 241 of the Securities and Exchange Act B.E. 2535 (1992) (SEA) and imparting the false statement with the intention to mislead any person concerning price sensitive information in contravention of Section 238 of the SEA and thus liable to penalties under Section 296 of the said Act. The Settlement Committee therefore imposed on him respective fines of 685,785.60 baht and 500,000 baht, totaling at 1,185,785.60 baht.
# # #