Bangkok, 2 December 2016 ? The Criminal Fining Committee has imposed fines on Mr. Assavin Chingumtornvong, a former chief executive officer of Thai Industrial & Engineering Services Public Company Limited (TIES*), and his aider Ms. Ornsiree Chinkamtornwong, for using inside information to sell the company?s shares.

Following the SET?s referral, the SEC?s further investigation revealed that Assavin, then TIES Chief Executive Officer, had been aware of the non-public information that the operating results for the second quarter of 2014 contained a significant loss, half of which was due to the cancellation of a major construction project. Based on such inside information, he was able to avoid loss by selling 8,651,400 of TIES shares off the trading account of Ornsiree, his daughter during 19 May 2014 ? 23 July 2014 before the company disclosed the Q2 operating results via the SET.

Assavin?s offence was in violation of Section 241 of the Securities and Exchange Act of 1992 (SEA) and liable to the penalties under Section 296 of the SEA. He agreed to enter the criminal fining process and paid a fine of 4,333,480.50 baht.

In addition, the criminal fine has caused Assavin to have untrustworthy characteristics of director and executive at any issuing or listed company for a period up to 3 years to be specified by the SEC.

In case of Ornsiri, her assistance to Assavin?s insider trading was an offence under Section 241 of the SEA in conjunction with Section 86 of the Penal Code. She agreed to enter the criminal fining process and paid a fine of 333,333.33 baht. 

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*TIES symbol was changed to ?T? on 19 June 2015.