Chai Watana Tannery Plc has set up a seat sewing joint venture with NHK Spring (Thailand) Co in Poipet, Cambodia.
NHK Spring (Cambodia) Co was set up with US$365,800 or Bt120 million. NHK Spring (Thailand) holds 75 per cent and the remaining 25 per cent is held by Chai Watana Tannery, according to the company’s filing to the Stock Exchange of Thailand last week.
SEC suspends two RHB OSK
The SEC has suspended two investment consultants of RHB OSK Securities (Thailand) Plc.
Suthee Wiseschotikul, a securities investment consultant, was suspended for trading securities on behalf of a client.
Supatcha Tanawinborworndit, an equity investment consultant, was suspended for failure to perform duties with responsibility and due care as a capital market professional.
Following the complaint lodged by the client and an examination report of RHB OSK Securities, the SEC probed further into the case and found that Suthee traded securities on behalf of a client of Supatcha. Supatcha was Suthee’s subordinate and took care of the client’s securities trading account for a certain period of time.
Suthee admitted last week that the client allowed him to make securities trading decisions and he has already compensated the client in accordance with a compromise agreement.
Supatcha, formerly named Pimnipa, failed to perform an investment consultant’s duties as she allowed Suthee to submit trading orders for the client’s securities account. She also received incentive payments from such trading.
Supatcha was suspended for a month from duty as an approved equity investment consultant.
SEC files insider trading
case with DSI
The SEC has filed a complaint with the Department of Special Investigation charging Yongyuth and Vorapin Ngamkaiwan with using inside information to sell Thai Unique Coil Centre Plc shares.
The legal action followed their failure to pay fines imposed by the Settlement Committee.
The SEC found that Yongyuth and Vorapin took advantage of others by using non-public information material to TUCC’s share price that they learned of due to their positions as CEO and chief financial officer.
The information was about an allowance for doubtful accounts receivables, resulting in TUCC logging an operating loss. Their actions were in violation of Section 241 and subject to sanctions under Section 296 of the Securities and Exchange Act.
Last year, Yongyuth and Vorapin agreed to enter the settlement process, but failed to pay the fine in full as specified by the Settlement Committee, so the criminal case was not regarded as being settled.
With the filing of the complaint, the case is now with the criminal justice system and the court will judge the case.