SEC files case to police over buy-up of NMG shares
The Securities and Exchange Commission (SEC) has filed a criminal complaint against two companies and an individual for allegedly violating SEC rules when jointly buying Nation Multimedia Group Plc (NMG) shares with the intent of a takeover.
The complaints are against News Network Corporation Plc, which was formerly called Solution Corner (1998) Plc, or SLC; Polaris Capital Plc, previously known as Wattana Capital Plc; and Siwasit Sainamphueng, according to an SEC press release yesterday.
The alleged takeover bid failed to comply with the SEC’s regulations, according to the complaint filed with the police Economic Crime Suppression Division.
The SEC move backs up an earlier allegation by NMG against the trio charging that they had acted in concert in a takeover bid.
The SEC said it was tipped off by a source and subsequently found that the three parties had failed to follow requirements for them to report to the SEC and make a tender offer. Regulations require investors to report share acquisitions of 5 per cent or more of a company. They also have to make a tender offer after accumulating over 25 per cent of shares.
