Former PM's sibling fined for insider trading
Monthathip Shinawatra and Somchai Kovitcharoenkul were fined Bt9.67 million for trading with M-Link Asia Corp inside information.
The Securities and Exchange Commission said in a statement that their transactions on the inside information were executed during July 27-August 15, 2011.
Monthathip is a younger sister of former prime minister Thaksin Shinawatra.
The investigation showed that Monthatip sold 29 million MLINK shares in securities trading account of the M Capital Holding Co Ltd. She traded MLINK shares on the knowledge of MLINK's Bt315.79 million operating net loss in the second quarter of the year. During the period of the transaction, the result was not yet released to the public.
The loss resulted from an extraordinary item on allowance for impairment work in construction of Portalnet Co Ltd, a subsidiary of the telecom company. Monthatip learnt of this information while she was MLINK's executive chairman and president as well as an authorised director. She also held 49.99 per cent in M Capital Holding.
During July 22 - August 2, 2011, Somchai sold 7 million shares of MLINK in his own securities trading account by using the aforementioned information learnt during his directorship in MLINK.
Both agreed to settle the violation with the fine. Monthathip is to pay a fine of Bt7.86 million while Somchai Bt1.8 million.