Thailand Securities and Exchange Commission seeks maximum civil sanctions against two TCC market manipulation offenders after they refused settlement

The Thailand Securities and Exchange Commission has asked the public prosecutor to bring a Civil Court case against two individuals in a market manipulation matter involving Thai Capital Corporation securities after they refused to resolve the case under civil sanctions imposed by the Civil Sanction Committee. The SEC is seeking the maximum statutory civil sanctions, including payment of THB 7,268,810.30 plus interest, along with bans on trading securities and derivatives and on serving as a director or executive. The case concerns alleged manipulation of the price or trading volume of TCC shares and warrants TCC-W3, TCC-W4 and TCC-W5. Earlier, the Civil Sanction Committee resolved to impose civil sanctions on 10 offenders, including total monetary sanctions of THB 59,780,191, comprising civil penalties, compensation equal to the benefit received or that should have been received, and reimbursement of SEC investigative expenses. The sanctions also included trading suspensions of 14, 20 or 23 months and director or executive bars of 28, 40 or 46 months. Eight offenders resolved the case at the SEC level, while Miss Yupin Chaivikirai and Mr. Naruechit Rojjanayangkoon did not. The SEC has also referred the matter to the Anti-Money Laundering Office for action within its authority because the unfair securities trading misconduct is a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999).