No. 79 / 2012
Monday 20 August 2012
Bangkok, June 20, 2012 – The Settlement Committee has imposed a fine of 80,995,415.67 baht on Prasong Suviwattanachai for manipulating share price of Unique Engineering and Construction PLC (UNIQ).
With the referral from the Stock Exchange of Thailand on irregular trading of UNIQ shares as a result of trading orders sent via two overseas omnibus accounts causing the changes of UNIQ share price and trading volume to be inconsistent with the normal market condition, the SEC probed into the case and found that Prasong as the owner and beneficiary of 14 securities trading accounts of foreign juristic persons opened at UOB Kay Hian Private Ltd. and EFG Private Bank SA in Singapore, had knowingly used these accounts to trade UNIQ shares during July 20, 2009 – April 7, 2010 in the manner that inflated and stabilized the share price including matching orders among those accounts. The actions resulted in increase in the UNIQ closing price from 2.24 baht on July 17, 2009 to the highest at 8.70 baht on November 6, 2009 or 6.46 baht per share and then on April 7, 2010 to close at 4.48 baht. Average daily trading volume also increased from 0.21 million shares to 14.78 million shares. These were done in concealment to mislead and induce the investing public into the trading.
His above acts were deemed share price manipulation in contravention of Sections 243(1) in conjunction with 244 and Section 243(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA). The Settlement Committee, therefore, imposed a penalty fine of 80,995,415.67 baht on him.
In this regard, the SEC appreciated cooperation and assistance provided by the Monetary Authority of Singapore (MAS) and Securities and Futures Commission, Hong Kong (SFC) in gathering relevant facts and evidence which consequently help the SEC to pursue legal action on this case.