Thailand Securities & Exchange Commission announced civil sanctions against four individuals for jointly manipulating shares of Akkhie Prakarn Public Company Limited (AKP), requiring civil monetary penalties totaling THB 8,657,898 and imposing suspensions from securities and derivatives trading and prohibitions on serving as directors or executives. The action follows a referral from the Stock Exchange of Thailand in September 2023 and the SEC’s subsequent investigation into trading during 1–13 June 2023. The SEC found the group, linked through personal and business relationships and trading accounts, used near-identical buy and sell orders to generate matched trades among themselves, placed buy orders at multiple price levels to obstruct other investors and push up AKP’s price, and conducted Big Lot trades between themselves at above-market prices to create the appearance of strong demand before gradually selling to realise profits. The Civil Sanctions Committee set individual sanctions as follows: Mr. Voradit Thanapatra (THB 675,056; 17-month trading suspension; 34-month director/executive ban), Miss Pavasut Jotikasthira (THB 551,654; 11-month suspension; 22-month ban), Mrs. Marguerite Linda Dalal (THB 5,777,109; 11-month suspension; 22-month ban), and Miss Kanya Rakthong (THB 1,654,079; 11-month suspension; 22-month ban). The sanctions take effect once each offender signs a consent letter agreeing to comply; if an offender declines, the SEC will ask the public prosecutor to file a Civil Court case seeking the maximum applicable civil sanctions. Civil penalties and compensation are remitted to the Ministry of Finance as public revenue.

Original source View in tracker