Bangkok, December 17, 2015 - The SEC has filed a criminal complaint against {A}, former managing director of Ramkhamhaeng Hospital Public Company Limited (RAM), with the Department of Special Investigation (DSI) for (1) failing to perform duties responsibly, carefully and honestly, (2) seeking unlawful gain for himself or other persons causing damage to the company, and (3) committing or permitting wrongful acts against RAM documents.

The SEC found that {A}, then RAM managing director responsible for operation and management of RAM assets, arranged for RAM to sell its acquired shares of Kiatnakin Bank Public Company Limited (KKP) in late 2012 to his related persons at a price significantly lower than the market price, which consequently caused damage to RAM primarily worth more than 300 million baht. He also received benefits from other relevant acts. 

His action  was deemed a violation of Section 89/7 and subject to penalties prescribed in the second paragraph of Section 281/2, Section 307, Section 311 and Section 313 of the Securities and Exchange Act B.E. 2535 (1992) (SEA). Although he compensated for damages incurred to RAM in December 2014, it was after the SEC's probe had revealed such wrongdoing.

In addition, he committed or permitted no record of important information in the notes to RAM financial statements for the year 2012, the first and third quarters of 2013, and the year 2013 in order to avoid revealing the details of his related persons who entered into share trading transactions with RAM during 2012-2013. The said misconduct was in violation of Section 312 of the SEA. 

The SEC therefore filed the criminal complaint against {A} with the DSI for further legal proceeding. Consequently, he is deemed as having untrustworthy characteristics of director of a publicly held company, and thus automatically barred from serving as director of any issuing or listed company.

In any case, filing a criminal complaint commences the criminal justice administration whereby the consideration whether a defendant is guilty will be proceeded by the DSI and the public prosecutor, and the court will judge the case, respectively.

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