SEC Auto Sales dumps chairman

The pair have vacated their positions without compensation, effective from January 16, the report stated.

The report listed the offences under the Securities and Exchange Act, stating:

"Sompong Wittayaraksan as chairman of directors has misappropriated the money of the company by making a fake document on the purchase of a vehicle which never existed in order to conceal payment from the company account for himself, or for others to purchase such an unreal vehicle.

"This action caused damage to the company and violated Sections 307, 308, 311 and 313 of the Securities and Exchange Act BE 2535. Nipaporn Komkla, vice managing director of the accounting and financial department, assisted and supported this action in violation of Section 315, together with Sections 307, 308, 311 and 313."

The report said Sompong had cooperated with Nipaporn to make false documents on the purchase of vehicles that never existed, and provided a false accounting record of the purchase.

On January 6, the company received SEC notification that because Sompong and Nipaporn were under investigation, according to the law both should be prohibited from company duties.