The Thailand Securities and Exchange Commission has filed criminal complaints with the Department of Special Investigation against eight individuals for alleged manipulation of the share price and/or trading volumes of Siamese Asset Public Company Limited. It also reported the proceedings to the Anti-Money Laundering Office for consideration of further action. The case follows a 2022 referral from the Stock Exchange of Thailand and the SEC’s subsequent investigation, which found reasonable grounds to believe the group colluded to manipulate SA shares over 29 July 2021 to 31 March 2022, covering 167 business days. The SEC describes tactics including placing orders to push prices upward, layering bid offers at multiple price levels to pressure other investors to buy at higher prices, and influencing opening and closing prices through pre-opening and pre-closing orders, resulting in misleading signals and prices or volumes deviating from normal market conditions. The alleged conduct is cited as violating Section 244/3 (1) and (2), together with the presumption under Section 244/5 of the Securities and Exchange Act B.E. 2535 (1992), in conjunction with Section 83 of the Criminal Code, with penalties under Sections 296, 296/1 and 296/2 of the Act. The criminal process will proceed through investigation by inquiry officials, prosecution by the public prosecutor, and adjudication by the court. The SEC said it will monitor progress and cooperate with relevant agencies to support enforcement under the Securities and Exchange Act.

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