According to case referrals from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, it was revealed that during the months of January – March 2017, the nine individuals mentioned above – having business relationships and/or direct personal relationships or connection through related persons – collaborated and sent trading orders of shares of Nation Multimedia Group Public Company Limited (NMG), Electronics Industry Public Company Limited (EIC), and Tong Hua Holding Public Company Limited (TH), as the case may be, by executing the trading orders in a consistent and supportive manner of boosting the share prices, matching orders among themselves, or executing trading orders in a manner of obstructing trading activities of other persons. Their actions misled the general public regarding the prices or trading volumes of such shares, and involved a series of continuous trading orders, with the intention to cause the share prices or the trading volumes to be inconsistent with normal market conditions, as summarized below:   

1. NMG share manipulation: During 30 January - 2 February 2017, eight offenders (namely Yanyong, Panurak, Ekkavit, Siwasit, Kannida, Pakkawan, Koravit and Kanchanarath) collaborated to act, leading to increases in prices and trading volumes deviating from the normal market conditions; 

2. NMG share manipulation: During 21 - 24 February 2017, seven offenders (namely Yanyong, Panurak, Ekkavit, Siwasit, Kannida, Pakkawan and Kanchanarath), collaborated to act, leading to increases in prices and trading volumes deviating from the normal market conditions;  

3. EIC share manipulation: During 14 - 15 March 2017, seven offenders (namely Yanyong, Panurak, Ekkavit, Kannida, Pakkawan, Kanchanarath and Maliwan), collaborated to act, leading to increases in prices and trading volumes deviating from the normal market conditions; 

4. EIC share manipulation: On 31 March 2017, during 10.13.32 - 11.20.59 hours, seven offenders (namely Yanyong, Panurak, Ekkavit, Kannida, Pakkawan, Kanchanarath and Maliwan), collaborated to act, leading to increases in prices and trading volumes deviating from the normal market conditions; 

5. TH share manipulation: On 24 March 2017, during 11.48.21 - 14.29.33 hours, six offenders (namely, Yanyong, Panurak, Ekkavit, Kannida, Pakkawan and Kanchanarath), collaborated to act, leading to increases in prices and trading volumes deviating from the normal market conditions.  

The actions of the persons above are deemed offenses regarding price manipulation of NMG, EIC and TH shares under Section 244/3(1)(2) in conjunction with 244/5(2)(3)(5) of the Securities and Exchange Act B.E. 2535 (1992) (SEA), in conjunction with Section 83 of the Penal Code, subject to the penalties under Section 296, Section 296/1 and Section 296/2 and civil sanctions under Section 317/4 and Section 317/5 of the SEA. 

The Civil Sanction Committee (CSC) has resolved to impose civil sanctions on the nine offenders, as summarized below:  

(a) The offenders are required to pay civil penalties, compensations in the amount equal to the benefits received or would have been received, reimbursements of investigative expenses incurred by the SEC, as follows: Yanyong at the amount of 7,737,658 baht, Panurak at the amount of 3,202,885 baht, Ekkavit at the amount of 3,201,066 baht, Siwasit at the amount of 3,919,807 baht, Kannida at the amount of 4,265,567 baht, Pakkawan at the amount of 3,489,821 baht, Koravit at the amount of 506,704 baht, Kanchanarath at the amount of 5,048,305.50 baht, and Maliwan at the amount of 2,305,324 baht: 

(b) Six offenders, namely Yanyong, Panurak, Ekkavit, Kannida, Pakkawan and Kanchanarath, are prohibited from trading securities or derivatives for a period of 30 months each and are barred from serving as director or executive in any securities issuing companies or securities companies for a period of 60 months each. In addition, two offenders, namely Siwasit and Maliwan, are prohibited from trading securities or derivatives for a period of 28 months each and are barred from serving as director or executive of securities issuing companies or securities companies for a period of 56 months each. In addition, the offender named Koravit is prohibited from trading securities or derivatives for a period of 14 months and is barred from serving as director or executive in any securities issuing companies or securities companies for a period of 28 month.  

The civil sanctions in (b), as imposed by the CSC, will commence when the offenders sign a letter of consent, agreeing to comply with the civil sanctions or when the periods of prohibiting the holding of director or executive positions end, as ordered by the SEC pursuant to the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560*, as the case may be. In the event that any offender refuses to give consent to the sanctions, the SEC will submit the case to the public prosecutor for filing a lawsuit in the Civil Court to seek the maximum applicable civil sanctions, which shall not be lower than those specified by the CSC. 

In all cases, the civil penalties and the compensations for the benefits received or would have been received from committing the offenses shall be remitted to the Ministry of Finance as public revenue. 

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Remark:

* Applicable only to the offenders who have committed other offenses and being within the period where the SEC may consider the untrustworthy characteristics of directors or executives under Clause 5(2), in conjunction with 6(3) of the SEC Notification No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives dated 23 January 2017.