Alleged share-price manipulators did it before, Aqua alleges
Investment firm Aqua Corp Plc said that some individuals named in its recent lawsuit alleging share-price manipulation of a company it owns a stake in have previously been fined and faced other disciplinary action from the Securities and Exchange Commission (SEC).
Aqua launched the lawsuit on Tuesday alleging that Thai-language news outlet Thunhoon published false information about Thai Parcels Plc (TPL) on July 1 to manipulate its share price.
Aqua owns 140 million shares in TPL, accounting for a 26% stake.
Aqua executive director Shine Bunnag is also the chief executive officer of Nation Group
Chaipipat Kaewtrairat, managing director of Aqua, said on Tuesday that the lawsuit was based on distorted information published in Thunhoon about Pongsak Thammathataree, one of TPL’s original shareholders. This news had a direct impact on more than 5,000 investors and shareholders of TPL, including Aqua, he said.
Chaipipat said an investigative team from the Technology Crime Suppression Division will summon the accused and witnesses, and reiterated that Aqua has plenty of evidence to submit to investigators.
Thunhoon was established on September 5, 2001, with registered capital of 20 million baht, to produce and distribute publications and advertisements, according to the Department of Business Development's database.
It is controlled by the family of Surapong Triamchancha.
Thunhoon had two directors: Lalana Sirichanyakul and Sornwanee Sirichanyakul. Sornwanee is the wife of Surapong whose company Thanvarin Co – a hotel and resort operator – is the major shareholder of Thunhoon. It holds 19,000 shares (or a 95% stake) in the news company. Its editor, Boonmee Onnom, owns 999 shares (5%) and Sornwanee owns one share.
According to the Revenue Department, Thanvarin was established on November 12, 2002. Its top three shareholders are Surapong's son Thanon Triamchanchai (41.6683%), Surapong (41.6650%), and Sornwanee (8.3333%).
Stock analysis website Settrade.com names Thanvarin as the fourth–largest shareholder of lifestyle and healthcare firm Wave Exponential Plc with 328.20 million shares (3.80%), followed by Thanon with 277.76 million shares (3.21%). Sornwanee is also a shareholder with 192.90 million shares (2.23%).
Surapong had been the executive director of book publisher Traffic Corner Holdings Plc (TRAF), later renamed M Pictures Entertainment Plc, as well as managing director of packaging firm Nippon Pack (Thailand) Plc, which was later renamed Global Consumer Plc.
Surapong had been involved with many companies on the Stock Exchange of Thailand, including restaurant firm NPP Food and plastic bag manufacturer Thai Flexible Pack.
According to the SEC, Surapong faced a civil penalty for inviting people to purchase NPP shares and its NPP-W1 asset on July 21, 2017. He faced a 10.33 million fine and was banned from being director or executive of a publicly held company for two-and-a-half years.
Surapong and NPP were also among 13 people and entities accused of manipulating the share price of Kiattana Transport Plc totalling 291.17 million baht on March 19, 2021. Surapong and NPP were ordered to pay fines of 33.85 million baht and 23.29 million baht, respectively.
Twelve of the accused were deemed unfit to serve as directors or executives of listed companies and were also disqualified from being personnel in the capital market.
Separately, Lalana, who had been a director of TRAF, faced prosecution for manipulating its share price on March 24, 2011. She was ordered to pay a fine of 36.81 million baht.
