The Thailand Securities and Exchange Commission has imposed civil sanctions in two insider trading cases involving share sales in AI Energy Public Company Limited (AIE) and Asian Insulators Public Company Limited (AI), covering eight individuals. The Civil Sanction Committee ordered payments totalling THB 9,175,395 in the AIE case and THB 73,721,831 in the AI case, and barred the offenders from serving as directors or executives of securities issuing companies and securities companies for specified periods. Following a referral from the Stock Exchange of Thailand in 2021, the SEC found that trading occurred during March to May 2021 before the companies disclosed first-quarter 2021 operating results to the SET on 12 May 2021 at 17:00, where net earnings had declined significantly versus the preceding quarter and the same quarter of the prior year and the information was negative for share prices. The misconduct included selling while in possession of inside information, disclosing inside information to facilitate sales where the discloser knew or should have known recipients might trade, and aiding or facilitating trades through the use of relatives’ accounts. Sanctions comprise civil penalties, compensation equal to the benefits received or that would have been received, and reimbursement of SEC investigative expenses, alongside director and executive bans. The sanctions take effect when each offender signs a letter consenting to comply; otherwise, the SEC will refer the cases to the public prosecutor to seek a Civil Court order imposing civil sanctions up to the maximum statutory penalties, which cannot be lower than those set by the Civil Sanction Committee. Civil penalties and benefit-based compensations must be remitted to the Ministry of Finance as public revenue.

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