Yarnapund execs manipulated stock
The Securities and Exchange Commission (SEC) has fined two former executives of Yarnapund for stock manipulation and failure to report a shareholding change, according to a statement released yesterday by the securities watchdog.
The two former executives are Chamlong Panpanit, Yarnapund's former chairman and chief executive officer, who is subject to a fine of Bt28.08 million, and Charn Lertprasertphakorn, who is subject to a fine of Bt9.17 million. In addition, Saksilp Kongkhlanont, a former trader for Syrus Securities, must pay a fine of Bt500,000 after being found guilty of being an accomplice in the illegal activities. The SEC found that irregularity in Yarnapund's stock trading resulted from Chamlong and Charn trading the stock through Charn's account and another nine accounts in a way to stimulate the stock price. Saksilp took part in executing the orders. The irregularity was found between January 13, 2005, and March 18, 2005, when Yarnapund's share price surged 37.88 per cent, from Bt13.20 to Bt18.20. Yarnapund's stock started trading on the Stock Exchange of Thailand on January 13, 2005, and its shares were sold at Bt13.40 apiece in the company's initial public offering. In addition, Chamlong's holding in Yarnapund increased or decreased more than the 5-per-cent trigger point required by the SEC, but she failed to report to the watchdog within the deadline. The SEC said that the three breached the Securities and Exchange Act.
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