The Thailand Securities & Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division against 11 individuals for alleged manipulation of the price and or trading volumes of Comanche International Public Company Limited (COMAN) shares during 24 May to 18 June 2021, and has also reported the case to the Anti-Money Laundering Office. The action follows a 2021 referral from the Stock Exchange of Thailand and the SEC’s subsequent investigation, which found evidence that the individuals colluded through trading within the group to drive COMAN’s share price upward and match large-volume orders, misleading the public about price or trading volumes and intending to cause deviations from normal market conditions. The SEC cited alleged breaches of the Securities and Exchange Act B.E. 2535 (1992), including Section 244/3 (1) and (2) and related presumptions under Sections 244/5 and 244/6, with penalties referenced under Sections 296, 296/1 and 296/2; the SEC also noted that such unfair securities trading activities constitute a predicate offense under Thailand’s anti-money laundering law. Following the complaint, the matter moves to investigation by an inquiry official, prosecution by the public prosecutor and adjudication by the court. The SEC will monitor progress and cooperate with relevant agencies in support of enforcement under the Securities and Exchange Act.

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