Taokaenoi Founder 'Tob' Hit with THB11.6m Fine and Boardroom Ban After Insider Trading Clampdown

 

Thai regulator, the SEC, imposes civil sanctions on five individuals, including ex-CEO Itthipat Peeradechapan, over illegal TKN share dealings in 2022.

The Securities and Exchange Commission (SEC) of Thailand has taken action by applying civil sanctions against five individuals, including the founder and former chief executive of Taokaenoi Food & Marketing Plc (TKN), following an insider trading scandal.

 

Itthipat Peeradechapan, commonly known as 'Tob', the former Chief Executive Officer and director of TKN, has been ordered to pay a fine and compensation totalling 11,601,063 baht and is prohibited from holding a director or executive position for 20 months.

 

The enforcement action concludes an investigation that began in March 2023, based on information from the Stock Exchange of Thailand (SET). 

 

The SEC found convincing evidence that the five individuals had bought TKN shares between August 5 and November 9, 2022, while possessing material non-public information that was set to positively affect the company’s share price.

 

The price-sensitive information included TKN’s significantly improved third-quarter 2022 net profit of 179.97 million baht and the declaration of a special interim dividend of 0.08 baht per share.
 

 

The Enforcement Details

The SEC established that Itthipat, having knowledge of the inside information, purchased TKN shares through the trading account of Panida Wiriyakitnukul. 

 

Similarly, Natchatchapong Peeradechapan, the Managing Director, bought shares using the accounts of Thitirat Panuwatwanich and Jakrapan Chatpreecha. 

 

These transactions all occurred prior to TKN's official disclosure to the SET on November 10, 2022. The Civil Sanctions Committee (CSC) mandated that all five individuals pay a combined total of 16,392,684 baht. 

 

This sum covers civil fines, the disgorgement of illicit profits (the amount equivalent to the benefit received or due), and the SEC’s investigation costs. Sanctions for the other individuals include:

Natchatchapong: Fined 2,916,030 baht and given a 14-month director/executive ban.

Panida: Fined 625,197 baht and given a 13-month director/executive ban.

Thitirat and Jakrapan: Each fined 625,197 baht and given a 9-month director/executive ban.

 

The SEC noted that the prohibition period will take effect once the wrongdoers sign a consent to comply with the sanctions.

 

Should they refuse, the SEC will ask the public prosecutor to file a lawsuit in the Civil Court to seek the maximum penalties under law.

 

The money collected from the fines and profits will be submitted to the Ministry of Finance as state revenue.
 

 

Taokaenoi Responds to Ruling

In response, Taokaenoi released a statement confirming it has acknowledged the SEC’s ruling.

 

The company is reviewing the facts to take further legal steps and adhere to good corporate governance principles.

 

The company also confirmed that Itthipat resigned from his positions as director and Chief Executive Officer, effective October 27, 2025. 

 

Taokaenoi stressed that the incident has no impact on its business operations and that it is moving quickly to find suitable replacements for the vacant roles.