SECC accomplices face asset freeze

The watchdog said in a statement that as the charges involve a huge amount of money and huge penalties, there is a reasonable doubt that these individuals and companies may transfer their assets to others.

"This is the first time that we exercise the power in freezing assets and the SEC looks to exercise this measure again to suppress wrongdoings," said SEC Secretary-General Thirachai Phuvanatnaranubala.

Subjected to the order are SECC chairman Sompong Witthayaraksan, Nipaporn Khomkla, the company's executive vice president for accounting and finance, Krit Ekmongkolkarn of Apple Group Co Ltd, Apple Group Co Ltd and QR Auto Car Co Ltd.

The SEC, under the Securities and Exchange Act, also bars Nipaporn and Krit from overseas travelling, for fear that they might flee.

Sompong is alleged to have siphoned off company money through forging auto purchase documents, with the purchase money for non-existent cars going to Sompong. An initial estimate is that this year the company paid Bt597.9 million for the purchase of 197 non-existent cars. Other accomplices were named as his helpers.

Thirachai added that the SEC is now conducting in-depth investigation into other directors of SECC and the company's auditor.