The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police against former directors and executives of CMO Public Company Limited and their associates, alleging dishonest conduct in CMO’s investment to purchase shares in its subsidiary Momentum S Co., Ltd. that caused damage to CMO. The SEC also reported the matter to the Anti-Money Laundering Office because the alleged offenses constitute a predicate offense under the Anti-Money Laundering Act. The SEC’s investigation followed irregularities flagged by CMO’s auditor in the 2023 financial statements and a subsequent special audit ordered by the SEC, with results submitted by CMO in February 2024. The SEC found reasonable evidence that Mr. Kitisak Jampathipphong and Mr. Kitti Phuathavornskul used T Money (Thailand) Co., Ltd. to buy Momentum S shares from the original shareholders for THB 400,000 and then resold them to CMO for THB 65 million, significantly above market value, with the former executives benefiting from the margin; the complaint also names Mr. Suradej Tangsatienchaiyakul. As a result of the filing, the persons concerned are treated as having untrustworthy characteristics and are barred from serving as directors or executives of securities issuing companies and listed companies for the duration of the legal proceedings, starting from the SEC’s filing date. The case proceeds through police inquiry, prosecution by the public prosecutor, and adjudication by the Court of Justice, with the SEC stating it will monitor progress and support relevant authorities in enforcing the Securities and Exchange Act.
Thailand Securities & Exchange Commission 2025-12-11
Thailand Securities and Exchange Commission files criminal complaint against former CMO directors and associates over alleged dishonest subsidiary share purchase
The Thailand Securities and Exchange Commission (SEC) filed a criminal complaint against former directors and executives of CMO Public Company Limited for alleged dishonest conduct in a share purchase damaging CMO. The SEC's investigation revealed shares were bought at THB 400,000 and resold to CMO for THB 65 million, benefiting the former executives. Those involved are barred from serving as directors or executives during legal proceedings, and the SEC will support authorities in enforcing the Securities and Exchange Act.