The Thailand Securities & Exchange Commission announced that its Civil Sanction Committee imposed civil sanctions on Mr. Saravoot Somwattana for buying shares of Nirvana Development Public Company Limited while in possession of inside information. The measures require payment totaling THB 1,790,110 and prohibit him from serving as a director or executive of securities issuing companies and securities companies for 12 months. Following a 2022 referral from the Stock Exchange of Thailand and a subsequent SEC investigation, the case concerned undisclosed information about Nirvana Development’s fourth-quarter 2021 results, including net profit of THB 496.06 million, which increased significantly after the company changed its accounting method based on a revised purpose of land usage, resulting in a higher land appraisal value. The SEC stated that he purchased shares through his own trading account in a way that differed from his usual trading behaviour before the information was disclosed to the exchange on 23 February 2022 at 17:40, and benefited from the ensuing share price increase. The THB 1,790,110 total comprises a civil penalty, compensation equal to the benefit received, and reimbursement of the SEC’s investigative expenses. The 12-month prohibition takes effect when the offender signs a consent letter agreeing to comply with the civil sanctions; if he refuses, the SEC will submit the case to the public prosecutor for filing in the Civil Court to seek maximum civil sanctions not lower than those set by the committee. Civil penalties and compensation are to be remitted to the Ministry of Finance as public revenue.

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