Bangkok, 29 December 2020 - SEC announces an initiation of procedures to impose civil sanctions on three offenders, namely Mrs. Chantip Vanich for trading in shares of Univanich Palm Oil Public Company Limited (UVAN) while in possession of material, non-public information (inside information), together with Ms. Amornrat Kasemsakdakorn, and Ms. Walailuk Pathomrungsiyunggul, who were aiding or abetting the wrongful act to the other person. The three offenders are required to pay civil monetary penalty, disgorge of the benefits received from the offenses, and reimburse SEC for the investigation expenses at the total amount of 5,132,632.50 baht. In addition, all offenders will be prohibited from holding the positions of director or executive in any publicly traded company or any securities company for a specified period.
According to a referral from the Stock
Exchange of Thailand (SET) and SEC’s further investigation, it was found that
during December 2017 – February 2018, Chantip, by virtue of her position
as director of UVAN, knew inside information about the significant
increase of company’s profits in the fourth quarter of 2017. She, then,
bought UVAN shares during 27 December 2017 - 22
February 2018 in the total amount of 1,286,700 shares using securities trading
accounts of Amornrat and Walailuk before UVAN reported the
financial statements of the fourth quarter 2017 to SET on 23 February 2018. As
a result, Chantip gained illegal benefits from such buying. Moreover,
during 12 July – 10 August 2018, after Chantip knew negative non-public information that the
operating results of UVAN in the second quarter of 2018 would show a
great decrease in profits. She sold out 314,500 of UVAN shares that
were held under the trading account of Amornrat to avoid loss before
UVAN submitted its financial statements for the second quarter of 2018 to SET
on 14 August 2018.
The action of Chantip contravened Section
242(1) in conjunction with Section 243(1) which were subject to civil sanctions
under Section 296 and Section 296/2 of the Securities and Exchange Act
B.E. 2559 (2016),
as amended, (SEA). As aider and abettor, Amornrat and Walailuk violated
Section 315 in conjunction with Section 242(1) which were subject to civil
sanctions under Section 296 of the SEA, as amended, too.
The Civil Sanction Committee has
resolved to authorize SEC to initiate a civil sanction proceeding against Chantip,
Amornrat and Walailuk, requiring each person to pay a
separate civil monetary penalty, the benefits received from committing the
offenses and reimburse SEC’s investigation expenses
in total amount of 3,388,672.50 baht, 1,121,980 baht, and 621,980 baht,
respectively. In addition, Chantip will be prohibited from
holding position as director or executive of any publicly traded
company or any securities company for 14 months. Whereas Amornrat and
Walailuk will be barred for 9 months each.
The banning period shall begin from the
date each offender signs the letter of consent to comply with civil sanctions imposed
by the Civil Sanction Committee. However, if any offender declines to
comply with the civil sanctions ruled by the Civil Sanction Committee, SEC will
seek an assistance from Public Attorney to file a civil lawsuit with the Court
and petition the Court to enter a judgement against that offender for maximum
civil sanctions as prescribed by the SEA.
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Note: All civil monetary
penalty and disgorgement money will be transmitted to the Ministry of Finance
as public revenue.