The Thailand Securities and Exchange Commission has imposed civil sanctions on Mrs. Vally Sungsiri and Miss Sunisa Chutinaton for manipulating the share price or trading volume of Thonburi Medical Centre Public Company Limited (KDH), with total civil penalties of THB 17,215,750. Following a referral from the Stock Exchange of Thailand in August 2016 and subsequent investigation, the SEC found the two individuals conspired by repeatedly placing buy and sell orders in a way that pushed KDH’s share price upward, including large-volume orders across multiple price levels and sell orders several notches above the market price to induce other investors to trade within a set price range in a “pump and dump” pattern. The conduct was identified during 26 February–7 March 2016 and 8 March–18 April 2016. The Civil Sanction Committee resolved civil penalties of THB 15,297,812.50 for Mrs. Vally Sungsiri and THB 1,917,937.50 for Miss Sunisa Chutinaton. The sanctions take effect when the offenders sign a letter of consent; if any offender refuses, the SEC will submit the case to the public prosecutor for filing in the Civil Court to seek the maximum applicable civil sanctions, which must not be lower than those specified by the committee. Civil penalties collected are remitted to the Ministry of Finance as public revenue.

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