Executive charged for share manipulation
The Securities and Exchange Commission (SEC) today filed a criminal complaint with the Department of Special Investigation (DSI) against Angkakarn Tantiviroon, an executive of Rich Asia Steel Plc (RICH) and others for manipulating the company's share price.
The others are Porntep Thawornwisuthikul and Arada Lertpinyopap, former executives of United Securities Plc, as well as Somdaj Leeswadtrakul, Suriya Lapvisuthisin and Sun Dongvanpakdee.
In a statement, the SEC said that the investigation was kicked off on the Stock Exchange of Thailand’s tip-off. RICH share prices moved irregularly during May 10-July 31, 2007, it said.
The investigation found that Angkakarn, Porntep, Arada, Somdaj and Suriya had colluded to trade RICH shares in concealment through 15 related persons' securities trading accounts. They traded RICH shares on a continual basis and matched orders within the group to mislead the general public in RICH share trading values and volumes, causing inconsistency with normal market condition. In the scheme, Sun and three other persons who entered the settlement procedure on January 22, 2014 aided or abetted the aforesaid actions by allowing others to use their trading accounts.
The SEC also noted that during the legal proceedings, Angkakarn is deemed as having untrustworthy characteristics of a publicly held company's director and executive while Porntep and Arada are deemed as having prohibited characteristics of capital market personnel and untrustworthy characteristics of a publicly held company's director and executive.
Previously, Porntep and Arada were named in the criminal complaint for manipulating the share prices of Metro Star Property Plc (METRO), Thai Unique Coil Center Plc (TUCC), and SEC Auto Sales and Services Plc (SECC).