Thailand Securities and Exchange Commission files criminal complaint over undisclosed VGI stake crossing 5 percent threshold

The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police against Mr. Yim Leak for failing to disclose an acquisition of newly issued shares in VGI Public Company Limited after a fund’s holding crossed 5 percent of the company’s total voting rights. The SEC said Mr. Yim Leak was the ultimate beneficial owner of the fund and was therefore required to file a Report on the Acquisition or Disposition of Securities on Form 246-2. According to the SEC, the fund acquired the newly issued VGI shares on 3 December 2024, triggering a filing obligation within three business days, or by 9 December 2024. Mr. Yim Leak did not submit the required filing within that period, which the SEC said breaches Section 246 of the Securities and Exchange Act B.E. 2535 (1992) and is subject to penalties under Section 298. The regulator also said Form 246-2 has still not been filed, leaving the timing of any submission unclear. The case now moves into the criminal enforcement process, beginning with investigation by an inquiry official, followed by prosecution by the public prosecutor and adjudication by the court of justice. The SEC said it will monitor the proceedings and cooperate with relevant agencies on enforcement under the Act.