Bangkok, July 26, 2016 ? The Criminal Fining Committee has imposed a fine of 500,000 baht on Mr. Sakorn  Suksriwong for soliciting a person to purchase shares of BFIT Securities Public Company Limited (BSEC)  based on nonpublic information he had known by virtue of his working positions.

Following a referral from the Stock Exchange of Thailand (SET), the SEC?s further investigation has revealed that Sakorn solicited the person to purchase BSEC shares based on the insider information that OSK Investment Bank Berhad (OSKIB) in Malaysia was interested in buying BSEC shares from Bangkok First Investment & Trust Public company Limited (BFIT) at a higher price than the market price at the time.

The aforesaid nonpublic information was material to the change of BSEC share price because BFIT was the major shareholder of 48.85 percent of the total BSEC shares, which would cause the structure of the BSEC major shareholders to change, and consequently OSKIB would have to make a tender offer of the rest of the BSEC shares. In this case, the offer price was higher than the market price.

Sakorn had access to such insider information because at the time he was holding the positions of BSEC director, BFIT Chief Executive Officer and BFIT Vice President. He solicited the person to purchase BSEC shares during 23 December 2010 ? 6 January 2011 before such information became public on 18 January 2011.

Sakorn?s misconduct was deemed taking an unfair advantage of other persons in violation of Section 241 and liable to penalties under Section 296 of the Securities and Exchange Act. The Criminal Fining Committee has ordered him to pay a minimum fine of 500,000 baht.

The SEC appreciated the assistance of The Securities Commission Malaysia in compilation of facts and evidence, which contributed to the successful handling of this case. 

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*BSEC was unlisted from the SET on October 22, 2013.