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  Somchai could not follow through the auditing requirements and convinced the public that the financial statements during the year were accurate, the securities watchdog said.

 The SEC earlier filed charges against the company's former chairman and 4 accomplices for embezzlements and the falsification of auto sales documents. The watchdog said in a statement issued on Wednesday that the auditor should have spotted the irregularities and come up with a warning to the company's shareholders and others who are using the financial statements. However, Somchai approved the financial statements unconditionally without any remark for possible irregularities.

 The SEC has filed criminal charges against Somchai to the Department of Special Investigation.  He is also held liable to disciplinary actions. Somchai would be suspended from the service for two years, from June 17, 2009 onwards.