Thailand's Securities and Exchange Commission (SEC) has reported arrest warrants for six suspects following an investigation with the Economic Crime Suppression Division (ECD) into concealed ownership of VGI Public Company Limited shares. The case concerns the alleged use of overseas entities and funds to hide ultimate beneficial owners and evade securities acquisition reporting and mandatory tender offer obligations. The SEC's findings indicate that three investors subscribing for newly issued VGI shares through a private placement shared a common funding source and had connected ultimate beneficial owners, supporting the assessment that they acted in concert. Their combined holdings were considered to exceed 25% of VGI's total voting rights. They allegedly failed to report their acquisitions as persons acting in concert, submitted inaccurate and false information, and failed to make a tender offer for all securities. Information obtained from foreign regulators, combined with domestic investigative evidence, supported these findings. The six suspects named in the warrants have fled abroad, while a seventh suspect has been formally charged. The agencies searched four locations to gather additional evidence. Charges against all seven include securities reporting and tender offer offenses, membership of a secret society and conspiracy to commit money laundering. The ECD is pursuing the criminal proceedings, while the SEC is examining other potentially involved persons. The proceedings remain at an initial stage, and the suspects are presumed innocent unless convicted by a final court judgment.

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