Thailand Securities & Exchange Commission (SEC) has imposed civil sanctions on Nex Point Public Company Limited (NEX) and Mr. Kanit Sriwachirapha for disclosing a related party transaction to the Stock Exchange of Thailand (SET) while concealing material facts about Mr. Kanit’s shareholding in NEX. Total sanctions amount to THB 1,070,722. The case relates to NEX board resolutions on 7 and 11 June 2024 to issue and offer 75,000,000 newly issued ordinary shares via private placement allocated to Mr. Kanit, then Chief Executive Officer and Vice Chairman, which the SEC treated as a large-scale related party transaction requiring disclosure to the SET. NEX’s 17–18 June 2024 disclosure used outdated shareholding information that was not current, which the SEC assessed as concealment of material facts; the Civil Sanction Committee set civil penalties and investigation cost reimbursements of THB 535,361 per person. The sanctions take effect once each offender signs a consent letter agreeing to comply. If they refuse to settle, the SEC will request the public prosecutor to file a civil lawsuit seeking the maximum applicable civil sanctions, which must not be lower than those specified by the Civil Sanction Committee.
Thailand Securities & Exchange Commission 2025-04-28
Thailand Securities & Exchange Commission imposes THB 1,070,722 civil sanctions on Nex Point and Kanit Sriwachirapha over misleading related party disclosure
The Thailand SEC imposed civil sanctions of THB 1,070,722 on Nex Point Public Company Limited and Mr. Kanit Sriwachirapha for concealing material facts about Mr. Kanit's shareholding in a related party transaction disclosed to the Stock Exchange of Thailand. Outdated shareholding information was used in NEX's disclosure, leading to penalties of THB 535,361 per person. Sanctions will be enforced upon consent, with potential civil lawsuits if settlement is refused.