3 fined Bt28.5mn for insider trading

The Securities and Exchange Commission's Settlement Committee imposed fines of Bt3.85 million, Bt8.7 million and Bt15.9 million on Choavalit Limpanich, Yanyong Nitisaroj, and Ziriwat Anunkusri, respectively. The fine amounts were based on the amount of the benefit they received or should have been received as a result of the above violations.

On tip from the Stock Exchange of Thailand, the SEC launched an investigation. It found that the three purchased STPI shares through Ziriwat’s securities trading account on the knowledge that STPI collected an additional Bt2.2 billion on top of the contract to construct the Pulto LNG project. The gain substantially boosted STPI's first quarter gross profit in 2010 to Bt1.8 billion or a 193.47 per cent increase on year. 

Choavalit learnt of the information as the project director responsible for Pluto LNG project. 

The investigation also found that Yanyong was the person who provided the trading account of Ziriwat, co-invested by purchasing STPI shares through such provided account, and obtained profit sharing according to the proportion invested among three of them.

Choavalit’s action was in violation of Section 241 of the Securities and Exchange Act BE 2535 (1992) and thus liable to penalties under Section 296 of the said Act. Yanyong and Ziriwat’s actions, as accomplices, were in violation of Section 241 of the law and thus subject to penalties under Section 296 in conjunction with Section 86 of the Penal Code.