Bangkok, 16 September 2020 – SEC has proceeded to file a lawsuit in the Civil Court against three offenders, namely (1) Mr. Eakarat Apiwattanaporn, (2) Mrs. Usuma Sarapoonsup and (3) Miss Thitirat Lohaset, in the case of insider trading of investment units of UOB Freehold Eight Thonglor Property Fund (UOB8TF) whereby Eakarat used inside information to buy UOB8TF investment units through the securities trading accounts of Usuma and Thitirat in exploitation of other persons’ interest. The lawsuit seeks the Civil Court’s order to impose a civil sanction worth the approximate total amount of 1.2 million baht. SEC has also reported the case to the Anti-Money Laundering Office (AMLO) for consideration of further action.
Earlier, the Civil Sanction Committee had resolved to impose a civil sanction on the three offenders who were subject to pay a separate civil penalty and compensate for the benefits that should have been received from committing the offenses.* However, they all refused to comply with the civil sanction, which was deemed an indication of their disagreement to settle the case directly with SEC. Therefore, SEC has submitted the case for the public attorney to file a lawsuit in the Civil Court in order to impose civil sanction at the total amount of 1,225,071.66 baht. In this regard, Eakarat would be subject to pay a civil penalty and compensate for the benefits that should have been received from committing the offenses at the total amount of 558,405 baht, while Usuma and Thitirat would be subject to pay an equal civil penalty of 333,333.33 baht.
In addition, since the offenses in this case are related to unfair trading activity, which is a predicate offense under the Anti-Money Laundering Act B.E. 2542 (1999), SEC has reported the case to the AMLO for consideration of further action.
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* Details in SEC News No. 56/2563 published on 16 March 2020.
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=8076&NewsNo=56&NewsYear=2020&Lang=EN