THURSDAY, March 28, 2024
nationthailand

Lawsuits sought against 25 people for alleged share-price manipulation

Lawsuits sought against 25 people for alleged share-price manipulation

THE SECURITIES and Exchange Commission (SEC) has asked the public prosecutor to file lawsuits against 25 people accused of manipulating the share prices of six listed securities, and demanded that the wrongdoers pay fines totalling Bt890.8 million.

The SEC yesterday said it had informed the public prosecutor to file civil suits against people who allegedly manipulated the price of shares in News Network Corporation (NEWS), Millcon Steel (MILL), Polaris Capital (POLAR), Nation Broadcasting Corporation (NBC) and Nation International Edutainment (NINE), and the price of warrants for NINE. 
The SEC also said it had reported the case to the Anti-Money Laundering Office (AMLO). 
According to an SEC statement released yesterday, the SEC found that from December 12, 2013 to March 24, 2015, the 25 people had acted in concert by making concealed purchases of six securities with the aim of increasing their prices in order to draw other investors into buying manipulated securities. 
In reference to NEWS, previously named Solution Corner 1998 (SLC), 23 people allegedly worked together to manipulate shares between December 12, 2013 and November 27, 2014. 
Six people allegedly manipulated MILL shares between March 21, 2014 and June 3, 2014. The SEC also said 17 people manipulated the share price of POLAR between June 23,2014 and January 9, 2015. 
Eleven people were accused of manipulating the share price of NBC between November 26, 2014 and February 13, 2015, and 12 people of manipulating the share price of NINE between December 19, 2014 and March 24, 2015. 
The SEC also accused five people of manipulating the price of warrants for Nation International Edutainment (NINE-W1) between February 17, 2015 and March 2, 2015.
The SEC said those 25 people had committed security price manipulation and violated the Securities and Exchange Act BE 2535. The SEC had asked them to pay fines but they refused to do so, so it was asking the public prosecutor to file a civil lawsuit in order to fine people a combined amount of Bt890.8 million. 
The SEC also reported the case to AMLO because thoe 25 people also allegedly broke anti-money laundering laws. The people were also prohibited from being appointed as executives or directors of the listed companies, the SEC said.

nationthailand