Bangkok, March 18, 2015 ? The SEC revoked the approval of a financial advisor supervisor, namely {A} of KPMG Phoomchai Business Advisory Ltd., for willfully imparting false statement and concealing information, in materiality. In this regard, the SEC also filed a criminal complaint against {A} with Thai Royal Police for imparting false statement to the competent officer.

Following the SEC investigation to gather information in a case of using inside information to purchase shares of a listed company in violation of Section 241 of the Securities and Exchange Act B.E. 2535 (SEA). {A}, a financial advisor supervisor and executive director of KPMG Phoomchai Business Advisory Ltd. which was appointed as a financial advisor for business valuation and preparation of tender offer for de-listing of the said listed company's shares, had prepared and submitted incomplete and inaccurate information. The said information was material for identifying the persons who had taken benefits from having access to or learning of inside information to purchase shares. Besides, he also imparted false statement to the SEC which affected the consideration and proving of the violation and obstructed law enforcement against the violators of the SEA.

{A}'s actions were considered as serious performance deficiency by willfully imparting false statement and concealing information which should have been stated in the documents filed with the SEC, in materiality.  The said actions were also failure to perform the duties as professionals with prudence, due care, knowledge, capability and experience and considered as prohibited characteristics under the SEC Office Notification concerning financial advisor approval and scope of performance B.E. 2552. The SEC, therefore, revoked the financial advisor supervisor approval granting to {A}.

In addition, the SEC filed a criminal complaint against {A} with Thai Royal Police for imparting false statement to the competent officer under Section 302 of the SEA.

For KPMG Phoomchai Business Advisory Ltd., the fact that {A}, an executive director and a senior executive of the company as well as a financial advisor supervisor approved by the SEC, had serious performance deficiency indicated that the company's management and monitoring on personnel systems did not comply with professional standards. In this regard, the SEC warned KPMG Phoomchai Business Advisory Ltd. to emphasize on compliance with professional standards to exercise prudence and due care in submitting information and documents to the SEC. The information and documents must be correct and complete without any concealment, deletion or partial selection. In addition, the company must strictly monitor its personnel and impose sanction in case of breach of duties.    

Information contained in this news release is as of the aforementioned release date. For those who wish to see current status of the matter,
please go to compliant filed with inquiry officer