Bangkok, 28 March 2018 ? The SEC has announced the decision of the Criminal Fining Committee to impose fines on News Network Corporation Public Company Limited (NEWS) and its Chief Executive Officer and authorized director Mr. Arak Ratborihan on account of offering for sale of newly issued shares for a private placement without obtaining a prior approval from the SEC.

According to the SEC's further investigation following the complaints from minority shareholders and the Association of Thai Shareholders regarding the NEWS private placement of newly issued shares, it was found that NEWS had issued 6 billon capital shares for a private placement at 0.077 ? 0.079 baht per share, totaling 465.6 million baht, during 22-23 and 26 September 2016. In so doing, NEWS did not file an application for a private placement with the SEC, thus causing it to be an unapproved share offering.

NEWS private placement without the SEC approval was in violation of Section 33 and liable to the penalties under Section 268 of the Securities and Exchange Act B.E. 2535 (1992) (SEA). The Criminal Fining Committee has therefore imposed a separate fine of 500,000 baht each on NEWS and Mr. Arak for failing to order or take action in compliance with the law. Thus, the offenders became subject to the penalties under Section 300 in conjunction with Section 33, and liable to the penalties under Section 268 of the SEA. The total fine amount will be  submitted to the Ministry of Finance as public revenue. In any case, NEWS cancelled the private placement afterward.