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Criminal Fining Committee imposes fines on two offenders for debenture PO without approval



Tuesday 30 January 2018 | No. 9 / 2018



Bangkok, 30 January 2018 ? The Criminal Fining Committee has imposed separate fines on Mandawee Tour Co., Ltd. and Mr. Prasit Jiewkok, at the total amount of 1 million baht, on the ground of publicly offering securities in the category of debenture without approval.

Following referrals and the SEC's further investigation, it was found that Prasit, chief executive officer of Mandawee Tour, had held a seminar at a hotel in Udonthani Province to solicit the attendance of some 100 persons, mostly elderly, to make an investment with the company by purchasing securities of Mandawee Sawasdee Public Limited Company, which Prasit claimed to be a merger between Mandawee Tour Co., Ltd. and Web Sawasdee Public Limited Company. In addition, Prasit also claimed that Mandawee Sawasdee securities were to be listed on the Stock Exchange of Thailand. Documents and subscription forms were given to the attendance who, if interested, would have to make a minimum investment of 100,000 baht in order to earn high returns at 8 percent per annum until completion of Mandawee Sawasdee listing; however, while the listing was incomplete, the investment money could be withdrawn within 45 days. Prasit was also found to have organized seminars at two other hotels in Bangkok and Chiang Rai Province to solicit investments in a similar manner.   

Mandawee Tour's misconduct of securities offering in the category of debenture without approval from the SEC was in violation of Section 33 and subject to the penalties under Section 268 of the Securities and Exchange Act B.E. 2535 (1992) (SEA). The Criminal Fining Committee therefore has imposed a civil monetary penalty of 500,000 baht on the company. Prasit, who commanded or acted in such a way that resulted in the aforesaid violation by Mandawee Tour, contravened Section 300 in conjunction with Section 33 and subject to the penalties under Section 268 of the SEA. The Criminal Fining Committee therefore ordered him to pay a civil monetary penalty of 500,000 baht.

Prior to the orders of the civil monetary penalties above, the SEC released a public warning against solicitation for investment in Mandawee Tour on 11 August 2017 around the time when the SEC received the referrals to the case. 

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* Related SEC News No. 70/2017 












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No. 9 / 2018 Tuesday 30 January 2018
Criminal Fining Committee imposes fines on two offenders for debenture PO without approval


Bangkok, 30 January 2018 ? The Criminal Fining Committee has imposed separate fines on Mandawee Tour Co., Ltd. and Mr. Prasit Jiewkok, at the total amount of 1 million baht, on the ground of publicly offering securities in the category of debenture without approval.

Following referrals and the SEC's further investigation, it was found that Prasit, chief executive officer of Mandawee Tour, had held a seminar at a hotel in Udonthani Province to solicit the attendance of some 100 persons, mostly elderly, to make an investment with the company by purchasing securities of Mandawee Sawasdee Public Limited Company, which Prasit claimed to be a merger between Mandawee Tour Co., Ltd. and Web Sawasdee Public Limited Company. In addition, Prasit also claimed that Mandawee Sawasdee securities were to be listed on the Stock Exchange of Thailand. Documents and subscription forms were given to the attendance who, if interested, would have to make a minimum investment of 100,000 baht in order to earn high returns at 8 percent per annum until completion of Mandawee Sawasdee listing; however, while the listing was incomplete, the investment money could be withdrawn within 45 days. Prasit was also found to have organized seminars at two other hotels in Bangkok and Chiang Rai Province to solicit investments in a similar manner.   

Mandawee Tour's misconduct of securities offering in the category of debenture without approval from the SEC was in violation of Section 33 and subject to the penalties under Section 268 of the Securities and Exchange Act B.E. 2535 (1992) (SEA). The Criminal Fining Committee therefore has imposed a civil monetary penalty of 500,000 baht on the company. Prasit, who commanded or acted in such a way that resulted in the aforesaid violation by Mandawee Tour, contravened Section 300 in conjunction with Section 33 and subject to the penalties under Section 268 of the SEA. The Criminal Fining Committee therefore ordered him to pay a civil monetary penalty of 500,000 baht.

Prior to the orders of the civil monetary penalties above, the SEC released a public warning against solicitation for investment in Mandawee Tour on 11 August 2017 around the time when the SEC received the referrals to the case. 

_______________________

* Related SEC News No. 70/2017