No. 87 / 2014
Wednesday 18 June 2014
Bangkok, June 18, 2014 – The SEC revealed that the Settlement Committee imposed a total fine of 6,159,269 baht on Yongyuth Ngamkaiwan for using inside information to suggest Vorakun Ngamkaiwan sell Thai Unique Coil Center Plc. (TUCC) shares and Vorapin Ngamkaiwan for using inside information to sell TUCC shares.
With the referral from the Stock Exchange of Thailand, the SEC’s probe found that during July 27 – August 10, 2011, Yongyuth, then CEO of TUCC, told Vorakun to sell 17,475,100 TUCC shares in such a way that taking advantage of others by using non-public information material to TUCC share price. The information was about allowance for doubtful account on 26 trade accounts receivable worth 43.99 million baht which resulted in TUCC’s 104.86 million baht loss in Q2/2011. Yongyuth also gained the benefit from his suggestion.
The SEC also found Vorapin sold 318,500 TUCC shares in her own securities trading account during July 27-28, 2011 in such a way that taking advantage of others by using the aforementioned information learnt from her position of TUCC chief finance officer.
Yongyuth and Vorapin’s actions were in violation of Section 241 which is subject to sanctions under Section 296 of the Securities and Exchange Act B.E. 2535 (1992). As they agreed to enter the settlement procedure, the Settlement Committee therefore imposed a fine of 5,659,269 baht on Yongyuth and another 500,000 baht on Vorapin.