Bangkok, November 17, 2014 ?The SEC revoked the approval of Nakul Chaiyanil, a former fund manager for ten years for failure to perform his duty with honesty in relation to management of 101 Montri Storage Property Fund (Montri Fund), established and managed by CIMB-Principal Asset Management Company Limited.

Following the complaint against Nakul Chaiyanil, a former fund manager who prepared the information of Montri Fund scheme and fund prospectus, the SEC probed into the case and found that he inaccurately specified the age of a building purchased by Montri Fund which was, in fact, many years older than such specified age. Furthermore, the findings showed that Nakul had not properly conducted cadastral survey of land and inspected the building structures and renovation records prior to Montri Fund?s purchase. The letter of guarantee on the Fund?s revenue prepared by him contains the conditions, not in compliance with the Fund scheme. Nukul also received some benefits from the property seller to Montri Fund. 

Willful distortion of information in the fund scheme and prospectus and failure to properly conduct due diligence in the fund establishment as well as receiving benefits from the property seller were deemed as failure to perform duties with honesty and to adhere to the professional ethics and standard of conducts for the capital market personnel. The said actions were in violation of Clause 23(1) and (4) and prohibited characteristics of personnel in the capital market business under Clause 31(1) and (5) of No. TorLorThor. 8/2557 re: Regulations for Personnel of Business Operators in the Capital Market dated June 3, 2014, which would be subject to revocation of an approval as fund manager and setting the period for acceptance  of re-application for approval as capital market personnel for the period of ten years. Owing to the fact that Nakul?s approval as fund manager was expired and he has not been in the capital market business recently, instead of imposing revocation order, the SEC will not accept his re-application for approval as capital market personnel until the lapse of ten year period commencing from November 14, 2014. Earlier, the SEC had imposed criminal sanction on Nakul?s violations by means of settlement process.