The Thailand Securities and Exchange Commission has asked the public prosecutor to file a Civil Court lawsuit against seven individuals in two insider trading cases involving shares of AI Energy Public Company Limited and Asian Insulators Public Company Limited. The cases relate to trading ahead of the disclosure of the companies’ first quarter 2021 results, which showed a significant decline in net profit. The regulator is seeking the maximum statutory civil sanctions against the seven, who are alleged to have used inside information, disclosed it to others, or assisted the relevant share sales. Earlier, the Civil Sanction Committee resolved to impose civil sanctions on eight offenders, including total civil monetary penalties of THB 82,897,226 and bars on serving as directors or executives for 9 to 42 months, depending on the case. One offender accepted those sanctions, but the other seven refused to settle at the SEC level. The SEC has therefore asked the prosecutor to seek THB 111,586,875.61 in civil sanctions plus interest, along with suspensions from trading securities and derivatives and director or executive bans at the maximum statutory levels. The matter has also been referred to the Anti-Money Laundering Office because the misconduct is treated as a predicate offense under Thailand’s Anti-Money Laundering Act.

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