Sign In
SEC News

SEC requests the public prosecutor to bring an action against former IFEC top executive in the Civil Court.



Friday 28 December 2018 | No. 175 / 2018


Bangkok, 28 December 2018 - The SEC has announced that it has taken legal proceedings against {A} for blocking and not cooperating to organize Board of Directors meetings to hold the Meeting of Shareholders in order to appoint new directors, when he was director and chief executive officer of Inter Far East Energy Corporation Public Limited Company (IFEC). The SEC is in the process of bringing the case to the Civil Court for the imposition of the highest penalty rate in accordance with the Securities and Exchange Act, such as a monetary penalty of 1,110,042 baht.

Earlier, the Civil Sanction Committee resolved to impose civil sanctions on {A} for obstructing and not cooperating with other IFEC directors to set up board of directors meetings and a shareholders meeting to appoint new directors to fill vacancies, while serving as IFEC director and chief executive officer. In addition, the SEC investigation found that {A} disobeyed the board of directors’ instruction and refused to facilitate a meeting venue for the board of directors’ meeting. Such misconduct was therefore deemed as the failure to perform his duties as a listed-company director and executive with responsibility, due care and loyalty. As a result, the Civil Sanction Committee ordered {A} to pay a civil fine, compensate the SEC for any expenses incurred from investigating the offence, and bar from serving as a director and executive of securities issuing companies and listed companies for a specific period.*

Since {A} refused to extinguish the case by agreeing to comply with civil sanctions determined by the Civil Sanction Committee, the SEC therefore requested the public prosecutor in writing to file a lawsuit against {A} in the Civil Court, pressing for civil sanctions with the highest legal penalty. The SEC has sought the Court’s ruling (1) to impose a civil fine worth 1,000,000 baht on {A}, (2) to prohibit {A} from securities trading or entering into derivatives contracts for five years from the Court’s judgement date, (3) to bar him from serving as a director and executive of securities issuing companies and listed companies for 10 years from the Court’s judgement date, and (4) to order him to compensate the SEC for expenses incurred from investigating the offence totaling 110,042 baht plus an interest payment at the rate of 7.5% per year from the suit filing date until the final payment date.

---------------------------------

 *SEC news release No. 160/2018, published on 30 November 2018






Related News

SEC instructs CPAXT to clarify its joint investment in The Happitat Project
SEC requests the public prosecutor to file civil lawsuits against three offenders for BM share manipulation
SEC files a criminal complaint against former IEC director, executive and associates for corrupt acts causing damage to the company
SEC instructs RS to clarify the reasonableness of disposals of assets and investment in subsidiaries, related party transactions, the offering of newly issued shares to major shareholders, and the appropriateness of the transactions and offer/bid prices
SEC instructs GIFT to clarify the reasonableness of the acquisition of assets and investment, a material offering of newly issued shares regarded as a related party transaction and the appropriateness of the transactions and offer/bid prices