Bangkok, 17 November 2016 - The SEC has filed a criminal complaint against {A}, former deputy managing director of Country Group Holdings Public Company Limited (CGH), and two aiders namely {B} and {C}, with the Department of Special Investigation (DSI) for committing dishonest acts.

The SEC's findings from the examination of the initial public offerings (IPO) of Takuni Group Public Company Limited (TAKUNI) and CCN-Tech Public Company Limited (CCN) in late 2014 has revealed that {A}, then CGH executive responsible for the underwriting of TAKUNI and CCN securities, used nominee accounts to subscribe and receive allocated shares for patrons of such companies.

Such conduct was in violation of the rule whereby securities selling or allocation to directors, executives and related parties of the responsible underwriter is prohibited to prevent such persons from taking unfair advantage of their job position and duties related to securities allocation to seek personal gains for oneself or other persons. By committing such act which gained him more than 42 million baht in benefits, {A} was deemed to have performed duties dishonestly. In addition to him, {B} and {C} were also involved in the act as aiders. 

In this regard, {A}, {B} and {C} were deemed to have committed offences in violation Section 311 and Section 315 of the Securities and Exchange Act of 1992 (SEA), and because CGH is a listed company, {A} has also contravened Section 89/7 by failing to perform duties responsibly and honestly, which is liable to the penalties under the second paragraph of Section 281/2 of the SEA, in conjunction with Section 86 of the Penal Code. The SEC has therefore filed the criminal complaint against the three offenders with the DSI for further legal proceedings.

In addition, the criminal complaint for the offences in violation of such law has caused {A} to have untrustworthy characteristics as director or executive of listed company, and possess prohibited characteristics as director or executive of listed company or personnel in the capital market throughout the period when he is still subject to the criminal complaint.

In any case, filing a criminal complaint commences the criminal justice administration whereby the consideration whether a defendant is guilty is under the court's jurisdiction. 

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