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Chatree Mahattanadul, the company's major shareholder and chairman, and Suthida Mahattanadul were each fined a total of Bt2.04 million.

The SEC found that from November 29, 1999, to last July 20, Chatree failed to report completely his acquisitions of Sea Horse shares. This led to a fine of Bt1.02 million.

Chatree reported on November 26, 1999, only those shares he directly held but failed to report Sea Horse shares acquired by Sea Horse (Thailand) Trading, counted as his entity.

As well, Chatree directly acquired 6.94 per cent of Sea Horse shares, which, when combined with his existing 4.38 per cent, made a total of 11.32 per cent. However, Sea Horse (Thailand) Trading held 14 per cent of Sea Horse's total shares at the same time. Therefore, Chatree held 25.32 per cent of Sea Horse, and this shareholding amounted to a takeover, which required a tender offer for the remaining Sea Horse shares. However, Chatree failed to follow regulations, and the SEC ordered him to pay an additional fine of Bt1.02 million.

The SEC said that on July 20, 2006, Sea Horse (Thailand) Trading transferred 11.11 per cent of Sea Horse shares to Chatree and 2.89 per cent to Suthida. By doing this, Sea Horse (Thailand) Trading divested its entire holding in Sea Horse. Chatree then had a shareholding of 22.43 per cent, lower than his earlier 25.32 per cent.

The SEC found that Suthida had also failed to report completely her acquisition of Sea Horse shares and fined her Bt1.02 million.

On November 29, 1999, Suthida reported acquiring 6.94 per cent of Sea Horse shares without reporting the shareholding of Sea Horse (Thailand) Trading, also counted as her entity.

Her acquired shares combined with her existing 4.08 per cent of Sea Horse made Suthida's total direct holding 11.02 per cent. With the addition of Sea Horse (Thailand) Trading's holding, her shareholding was 25.02 per cent, which should also have triggered a tender offer. But she failed to do so and was fined an additional Bt1.02 million.