Bangkok, January 22, 2014 - The SEC revealed that the Settlement Committee imposed a total fine of 26,665,197.12 baht on {A} as the principal, as well as {B} {C} and {D} as the aiders and abettors, for manipulating share price of Rich Asia Steel Plc. (RICH).
 
With the referral from the Stock Exchange of Thailand (SET) on irregular trading of RICH shares by a group of persons, the SEC probed into the case and found that from May 10th July 31, 2007, {A} in colluding with other persons had traded RICH shares through 15 related persons securities trading accounts to lure the public into the trading. This resulted in high impact on RICH shares trading values and volumes while a number of trading orders were matched within the said group.
 
{B} {C} and {D} aided or abetted the aforesaid actions by providing their trading accounts to be used. In addition, {B} also helped place trading orders while {C} and {D} took care of the withdrawal of cash collateral or payment for trading of RICH shares.
 
The act of {A} was in violation of Sections 243(1) in conjunction with 244 and 243(2) of the Securities and Exchange Act B.E. 2535 (1992) (SEA) in conjunction with Section 83 of the Penal Code. The acts of {B} {C} and {D} were in violation of Sections 243(1) in conjunction with 244 and 243(2) of the SEA in conjunction with Section 86 of the Penal Code.

As they all agreed to enter the settlement procedure, the Settlement Committee imposed a fine on {A} in the amount of 25, 665, 197.13 baht and a fine of 333,333.33 baht on {B} {C} and {D} each.