The Thailand Securities & Exchange Commission has filed criminal complaints with the Department of Special Investigation against 21 individuals for alleged manipulation of the share price and or trading volume of Premier Tank Corporation Public Company Limited (PTC). The SEC has also reported the case to the Anti-Money Laundering Office for consideration of further action. The SEC’s action follows a 2022 referral from the Stock Exchange of Thailand and its subsequent investigation, which found reasonable grounds to believe the group colluded during the pre-open session on 15 February 2022, PTC’s first trading day on the Market for Alternative Investment (mai). The alleged conduct involved coordinating roles and placing continuous buy and or sell orders at multiple price levels, resulting in an opening price of THB 6.75 per share, 92.86 percent above the initial public offering price, in a way that misled the public and created prices inconsistent with normal market conditions. The SEC cited alleged violations of Section 244/3 (1) and (2) of the Securities and Exchange Act B.E. 2535 (1992), together with Section 83 of the Penal Code, with presumptions under Section 244/5 (4) and or Section 244/6 (3), and penalties under Sections 296, 296/1 and 296/2. The matter now proceeds through investigation by an inquiry official, prosecution by the public prosecutor, and adjudication by the court, while the SEC will monitor progress and cooperate with relevant agencies.

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