Bangkok, 20 July 2018 ? The SEC has imposed civil sanction on 24 individuals who conspired or rendered assistance to manipulate the share price of Millcon Steel Public Company Limited (MILL). The offenders paid separate civil penalties, totaling 172.14 million baht.

According to the referral from the Stock Exchange of Thailand (SET) and the SEC's further investigation, during 21 March 2014 - 3 June 2014, the 24 individuals were engaged in the manipulation of MILL shares, which caused the trading activities of the shares to be inconsistent with normal market conditions. In summary, (1) Mr. Sittichai Leeswadtrakul and (2) Ms. Tanika Tangpoonphonvivat, as the principals to the scheme, conspired or agreed with five accomplices, namely (3) Ms. Pornwadee Sornphongchaikul, (4) Mr. Kieartkhazerm Nunthaphibon, (5) Mr. Vorapote Amnueypol, (6) Mr. Amarit Nantanawut and (7) Mr. Pongpat  Rungwanonchai, and 17 supporters, namely (8) Mr. Amnard Wongpaitoonpiya, (9) Ms. Preechaya Tikasurat, (10) Mr. Anupong Kuttikul, (11) Ms. Nattaya Chokudomnirun, (12) Ms. Sayumpron Leksimlim, (13) Ms. Sriubol Intaraumnoy, (14) Mrs. Boonyarat Saengkat, (15) Ms. Ampai Rattana-nawin, (16) Mr. Akkarin  Thanakijrujiroj, (17) Ms. Tannapas Thanakijrujiroj, (18) Mrs. Srila-or Nanthasukkasem, (19) Mrs. Auypornwarree Nunthaphibon, (20) Mr. Pattipan Chatametikul, (21) Mr. Ekapol Techamanoromb, (22) Mr. Sitthut Sittisamarn, (23) Ms. Ratana Meeklinhom, and (24) Mr. Sarawut  Leelasornchai.     

Sittichai, Tanika and the five accomplices, persons in (3) - (7), executed trading transactions of MILL shares through their own accounts and those of other involved individuals and juristic persons in concealment to mislead the public into believing that during such period, MILL shares were traded in large volumes and/or the share price was changed. The shares were traded on a continuous basis to cause the trading of such shares to be inconsistent with normal market conditions and lure the investing public to buy or sell such shares. The other 17 supporters, persons in (8) ? (24), allowed Sittichai and Tanika to use their trading accounts and bank accounts for the trading of MILL shares during the period. 

The offences committed by Sittichai, Tanika and the persons from (3) to (7) were in violation of Section 243(1) in conjunction with Section 244 and Section 243(2), and liable to the punishments under Section 296 of the Securities and Exchange Act B.E. 2535 (1992). Currently, the offences are also in violation of Section 244/3 and liable to the punishments under Section 296, Section 296/1 and 296/2 of the Securities and Exchange Act (No. 5) B.E. 2559 (2016) in conjunction with Section 86 of the Criminal Code. The offences of the persons from (8) to (24) were in violation of Section 243 in conjunction with Section 244 and liable to the punishments under Section 296 of the Securities and Exchange Act in conjunction with Section 86 of the Criminal Code.
The Civil Sanction Committee imposed civil sanction on the 24 offenders in the form of civil penalty. All of them signed a statement of consent to the civil sanction. Sittichai and Tanika paid a civil penalty at an equal amount of 81.98 million baht, while the five accomplices paid 500,000 baht each, and the 17 supporters paid 333,333.33 baht each. The total civil penalties of 172.14 million baht will be submitted to the Ministry of Finance as public revenue. 

Apart from the civil sanction, the SEC banned Sittichai from holding the position of director or executive at any securities issuing company and listed company* for three years. In addition, as a result of the civil sanction, the other 23 offenders are deemed to have untrustworthy characteristics of director or executive of any securities issuing company and listed company.

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* Pursuant to the Notification of the Securities and Exchange Commission No. Kor Jor. 3/2560 Re: Determination of Untrustworthy Characteristics of Company Directors and Executives dated 23 January 2017.