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No. 27 / 2011

Thursday 24 March 2011

Bangkok, March 24, 2011 – The Settlement Committee imposed fines on price manipulation cases involving the shares of TRAF, SAMART, SIM, SAMTEL and RCI, as follows: 

(1) Lalana Sirichanyakul, Sippakorn Kawsa-art and Rinnapa Kunawatsatit for manipulating the share price of Traffic Corner Holdings Plc. (TRAF) (currently M Pictures Entertainment Plc. (MPIC)) and Jantharapa Wongpaiboon for aiding and abetting such manipulation, in the total amount of 38,148,857.59 baht;

(2) Phongsri Saluckpetch and M.L. Soonthornchai Chayangkool for manipulating the share prices of Samart Corporation Plc. (SAMART), Samart I-Mobile Plc. (SIM) and Samart Telcoms Plc. (SAMTEL) as well as Somchai Vimorkcharoensuk and Somruay Sae-lim for aiding and abetting such manipulation, in the total amount of 36,605,453.69 baht; and

(3) Adirek Umbangtalad for aiding and abetting the share price manipulation of Royal Ceramic Industry Plc. (RCI), in the amount of 333,333.33 baht.  

Details are as follows:
(1) TRAF price manipulation: Following the Stock Exchange of Thailand (SET)’s report on irregular trading of TRAF shares from November 15, 2007 to January 9, 2008, the SEC probed into the case and found that Lalana, Sippakorn, then managing director for investor relations of KTB Securities Co., Ltd., and Rinnapa had collusively traded TRAF shares in concealment and on a continual basis to mislead and induce the general public into buying and selling such shares. Sippakorn helped to provide three trading accounts for submission of trading orders while Rinnapa allowed trading orders to be submitted through her account. Such manipulative trading caused the TRAF share price to be inconsistent with the normal market conditions. In addition, Jantharapa, then an investor contact at KTB Securities, aided and abetted manipulative trading through Rinnapa’s account by executing trading orders in inappropriate manners.

The acts of Lalana, Sippakorn and Rinnapa were considered contravention of Section 243 (1) in conjunction with Section 244 and Section 243(2) of the Securities and Exchange Act B.E. 2535 (SEA) and Section 83 of the Penal Code. The Settlement Committee therefore imposed fines on them in the amounts of 36,815,524.26 baht, 500,000 baht and 500,000 baht, respectively. A fine of 333,333.33 baht was also imposed on Jantharapa for violation of Section 243 (1) in conjunction with Section 244 and Section 243(2) of the SEA and Section 86 of the Penal Code. 

In addition, as Sippakorn and Jantharapa are also capital market personnel, their involvements with the aforesaid share manipulation are subject to SEC’s consideration.

(2) SAMART, SIM and SAMTEL price manipulation: Following the SET’s report on irregular trading of SAMART, SIM and SAMTEL shares, the SEC probed into the case and found that the share prices of (1) SAMART from April 5, 2006 to October 13, 2006, (2) SIM from January 11, 2006 to December 12, 2006, and (3) SAMTEL from March 16, 2006 to September 19, 2006, had changes in volumes and prices that were inconsistent with normal market conditions. The irregular trading of the three shares were caused by Phongsri and M.L. Soonthornchai, who had collusively traded them through trading accounts of M.L. Soonthornchai, Somchai and Somruay in concealment and on a continual basis to mislead and induce the general public into buying and selling such shares. Somchai and Somruay aided and abetted the manipulative trading by allowing trading accounts and bank deposits to be opened in their names and facilitating the financial transactions. 

T
he acts of Phongsri and M.L. Soonthornchai were considered contravention of Section 243 (1) in conjunction with Section 244 and Section 243(2) of the SEA and Section 83 of the Penal Code. The Settlement Committee therefore imposed the fines of 33,105,453.71 baht on Phongsri and 1,500,000 baht on M.L. Soonthornchai. As for Somchai and Somruay who violated Section 243 (1) in conjunction with Section 244 and Section 243 (2) of the SEA and Section 86 of the Penal Code, the Settlement Committee imposed a separate fine of 999,999.99 baht. 

(3) RCI price manipulation: The SEC, on December 28 2010, filed a criminal complaint against Adirek Umbangtalad with the Department of Special Investigation (DSI) after he had refused to enter the settlement process for aiding and abetting the share price manipulation of RCI on May 2 2008, which is in contravention of Section 243 (1) in conjunction with Section 244 and Section 243(2) of the SEA and Section 86 of the Penal Code.

After filing the complaint, however, the SEC was informed by the DSI that Adirek agreed to enter the settlement process under the SEA. The SEC therefore submitted the case to the Settlement Committee accordingly where a fine of 333,333.33 baht was subsequently imposed on him.

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