Bangkok, 11 September 2018 – The Securities and Exchange Commission (SEC) has announced that it has taken legal proceedings against Mr. Thanawat Chansuwan for an insider trading violation at Inter Far East Energy Corporation Public Limited Company (IFEC) by bringing the case to the Civil Court for the imposition of the highest penalty rate in accordance with the Securities and Exchange Act. Meanwhile, the SEC has also reported the proceedings to the Anti-Money Laundering Office for further consideration.
Earlier, the Civil Sanction Committee resolved to impose civil
sanctions on Mr. Thanawat, who was IFEC director and executive at the time of
the offence. He was ordered to pay a civil fine and return any gains from the
wrongdoings.*
Mr. Thanawat came in to acknowledge the civil sanctions, but did not consent to
comply with the punishment terms within the specified time. The SEC has
therefore requested the public prosecutor in writing to file a lawsuit against
Mr. Thanawat in the Civil Court, pressing for civil sanctions with the highest
legal penalty consisting of a civil fine and the benefits of his wrongdoings,
which total 4.16 million baht. The SEC has also reported the proceedings to the
Anti-Money Laundering Office for further consideration.
The fact that Mr. Thanawat was subject to civil sanctions by the Civil Sanction
Committee has disqualified him from becoming a director or executive of a
securities company or a listed company as he is deemed to possess untrustworthy
characteristics**. The SEC has set the period of the ban for one year, starting from 5 September
2018, during which Mr. Thanawat cannot serve as a director or
executive of a securities company or a listed company.
__________________________
Notes:
*SEC news release No. 98/2018, published on 23
August 2018.
**According 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.