Bangkok, 23 January 2024 – The Securities and Exchange Commission (SEC) has filed a criminal complaint with the Department of Special Investigation (DSI) against former directors and executives of Crown Tech Advance Public Company Limited (AJD), (currently renamed as AJ Advance Technology Public Company Limited (AJA)) and their associates, totaling four entities, namely: (1) Mr. Amorn Meemano, (2) Mr. Pipat Patiwetphinyo, (3) Winsound (Thailand) co., Ltd., and (4) Mr. Tanachat Siriphaukham, on account of colluding to commit a fraud, misappropriating AJD’s money at the amount of 145 million baht for their own interest or other persons’, causing damage to AJD.
In the case of AJD price manipulation,* the SEC has found facts and evidence that during the month of June 2014, Amorn (at the time holding the positions of AJD Chief Executive Officer and Managing Director) and Pipat (at the time holding the positions of AJD Chief Operating Officer and Director) jointly decided, approved and signed a check payable to AJD at the amount of 145 million baht, specifying Winsound (Thailand) as the payee, claiming that the payment was a deposit for the purchase order for set top boxes from a company in China. However, according to the examination, no such deposit for the product to any company in China was found. Instead, a withdrawal or transfer of money out of a savings account of Winsound (Thailand) by Tanachat, Authorized Director with binding effect of Winsound (Thailand) to deposit the money into a savings account of Amorn, Pipat and many other persons who have a relationship with Amorn and/or Pipat.
The acts of Amorn and Pipat were deemed an dishonest breach of duties offense, an asset misappropriation and seeking unlawful benefits for themselves and their associates, causing damage to AJD, liable to be offenses pursuant to Section 307, Section 308, Section 311 and Section 313 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), in conjunction with Section 83 of the Penal Code. The commission of such offenses was assisted or facilitated by Winsound (Thailand) and Tanachat, thus liable able to be an offense under Section 315 in conjunction with Section 307, Section 308 and Section 311 of the SEA and Section 86 of the Penal Code.
The SEC has therefore filed the criminal complaint against the four offenders aforementioned with the DSI for consideration of further legal action. Concurrently, the SEC has reported these legal proceedings under the SEA to the Office of Anti-Money Laundering Office as a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999), as amended.
In any case, filing the criminal complaint is merely the commencement of the criminal procedure whereby the inquiry official will perform an investigation before recommending the case to the public attorney who has authority for prosecution. The power to adjudicate whether any person is guilty or not is, however, vested on the court of justice.
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* SEC News No. 171/2018 headlined “SEC imposes civil sanction against 40 offenders in AJD price manipulation case” issued on 27 December 2018
SEC News No. 31/2019 headlined: “SEC requests the public prosecutor to bring AJD price manipulation case to the Civil Court against 40 offenders and reports the case to AMLO” issued on 21 March 2019