The Thailand Securities and Exchange Commission has imposed civil sanctions on Mr. Perajed Suwannapasri, a former director and executive of Gift Infinite Public Company Limited (now RSXYZ Public Company Limited), for failing to perform his duties with responsibility, prudence, and integrity. The measures require payment of THB 982,265 in civil monetary penalties and reimbursement of investigative expenses, and prohibit him from serving as a director or executive of securities issuing companies or securities companies for 30 months. The SEC’s examination, prompted by a sharp deterioration reflected in the company’s 2021 annual financial statements, found that during 2019–2020 Mr. Perajed facilitated former GIFT sales employees in establishing Gratitude Global Co., Ltd. (now Glooming Global Co., Ltd.) to operate a similar business in direct competition with GIFT, including transferring funds to pay for capital shares and maintaining links to the competing company’s shareholders and executives. The SEC also cited evidence that he benefited from the competing business through loans from directors and executives who were his close associates. The conduct was treated as a breach under Section 89/7 of the Securities and Exchange Act B.E. 2535 (1992), with civil sanctions pursued under Sections 317/4 and 317/5. The Civil Sanctions Committee’s sanctions take effect once the offender signs a letter of consent; if consent is refused, the SEC will refer the matter to the public prosecutor for filing in the Civil Court to seek the maximum applicable civil sanctions, not lower than those set by the committee. Civil penalties and any compensation for benefits gained from the offences are remitted to the Ministry of Finance as public revenue.

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