No. 19 / 2014
Wednesday 19 February 2014
Bangkok, February 19, 2014 – The SEC revealed that the Settlement Committee imposed a total fine of 2,166,666.66 baht on Sermkirt Kangsathein, Wichian Ursiripant, and Pratheep Wongkulnit, as well as Prapat Itthichaisri and Nattida Ruckchopsanti, the aiders and abettors, for manipulating share price of Thai Plastic and Chemicals Plc. (TPC).
With the referral from the Stock Exchange of Thailand on irregular trading of TPC shares by a group of persons, the SEC probed into the case and found that on October 3, 2012, Sermkirt, Wichian, and Pratheep had colluded to trade TPC shares through their own securities trading accounts and the accounts of Prapat and Nattida. The trading was done in the manner that inflated the share price and matched the trading orders within the group in concealment to mislead the public into believing that TPC shares were actively traded or TPC share price was changed. They also traded TPC shares on a continual basis, causing the share price to be inconsistent with the normal market condition. Prapat and Nattida aided and abetted the said actions by allowing the use of their trading accounts.
The acts of Sermkirt, Wichian, and Pratheep were in violation of Sections 243(1) in conjunction with 244 and 243(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Penal Code. In addition, the acts of Prapat and Nattida, the aiders and abettors, were in violation of Sections 243(1) in conjunction with 244 and 243(2) of the SEA in conjunction with Section 86 of the Penal Code.
As they all agreed to enter into the settlement procedure, the Settlement Committee imposed a fine of 500,000 baht on Sermkirt, Wichian, and Pratheep each; and a fine of 333,333.33 baht on Prapat and Nattida each.